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The Curious Bag
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Term life is a life insurance product offering designed to offer life insurance to individuals at a greatly reduced rate for a specific amount of time, or term. Term life policies will have a term between five and 30 years most often.
Cost
The younger you begin coverage, the lower your premium will be. The premiums for term life insurance will adjust upward with age and health.
Rules
Term life insurance policies will expire at the end of the term or when the insured individual dies. If the insured dies after the term has expired, the insurer will pay no benefits.
What It Does
Term life insurance is designed to provide income replacement to younger families, especially those with children under the age of 18 in the event of an untimely death of a wage earner.
Other Products
Another term life insurance product allows the individual the luxury of having a level premium, or one that does not increase, however, the death benefit decreases as the insured ages or declines in health.
Purpose
Decreasing benefit policies will generally serve as a supplemental or rider policy rather than as a primary policy.
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