TERM LIFE INSURANCE

Life insurance is a policy that is designed to pay a cash benefit at the time of the insured person's death. The benefit is paid to help support any dependents, as well as cover expenses related with the death. Within life insurance, there are two types of policies available: term life insurance and cash value life insurance.

Term life insurance is generally the most affordable type of life insurance to purchase. With term life insurance, a premium is paid for a specific period of time (the term of the policy). If a death occurs during this time, the cash benefit is paid. If death occurs outside of this term (after the policy has expired), no benefit is paid.

When looking to purchase term life insurance, it is very important to cross-shop a variety of insurance companies to compare the premiums they want to charge with the benefits they would provide. Also, be sure to check their rating to make sure they are a solid life insurance company. Most analysis recommend term life insurance companies with at least an “A” rating by A.M. Best.

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