Life insurance can give you peace of mind by providing a financial safety net for your loved ones after you pass away. When you purchase life insurance, you’ll have to. Unlike permanent life insurance, which lasts your entire life, term life insurance lasts for a specific time period, typically from one to 30 years.
Term life insurance is the most popular type of life insurance because it is significantly less costly than other options while still covering the financial needs of your beneficiaries once you pass.
If you’re in the market for life insurance – or simply want to speak to an expert who can help you.you already have –
Understanding how term life insurance works and its advantages and disadvantages can help you decide if it’s right for you.
What is term life insurance?
Term life insurance is a policy that provides a lump-sum tax-free payout—called a death benefit—to your loved ones if you die while the policy is active. If you have dependents who rely on your income, the death benefit can provide funds to your beneficiaries to cover their bills, pay for burial expenses, or help with.
When purchasing a term life policy, you must decide on the length of the term and the coverage amount you need. Term life insurance is a popular choice because it’s affordable and lasts as long as you need.
How term life insurance works
Term life insurance is flexible and cost-effective, offering a specific death benefit for a defined term, such as five, ten, 15, 20 or 30 years. Some policies cover you