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Term Life Insurance

 

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The purpose of life insurance is to help your loved ones survive after you’re dead. Term Life Insurance is the least expensive of life insurance policies, but it is a pure death benefit and its primary use is to provide coverage of financial responsibilities for the insured or their beneficiaries.

 

The responsibilities often covered by this type of insurance include funeral costs, outstanding mortgages, and college education for the insured's dependents.

 

Term Life Insurance provides coverage at a fixed rate of insurance payments for a limited period of time. If the insured dies during this period of time, the death benefit will be paid to the beneficiary, but if they don't and the coverage period expires, further coverage at the same rate of premiums is not guaranteed even if they wish to continue with the policy.

 

The simplest for of this type of life insurance is one year, but you can choose how long you would want the policy for, either as a form of Annual Renewable Term which provides coverage for the period of one year but renews on an annual basis with the same premium, or Level Term Insurance where the premium is guaranteed for a given period of years, for example 10 years or 30 years. The premiums paid are based on the expected probability of the insured dying during the period they are insured under the policy.



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