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Term Life Insurance
Term Life Insurance
The most basic form of life insurance, Term Life insurance provides
affordable protection, often with a guaranteed premium, for a set
period of time. If you should die within this period, the face amount
is paid to your named beneficiary. At the end of the premium guarantee
period, you can renew the coverage at a higher premium. While premium
for Term Life insurance is lower than a comparable permanent insurance
policy, it can increase at each renewal.
The risk with Term Life is that your health might deteriorate
and you could be unable to get another policy once the term is
up, but Term Life insurance is usually a good choice for young
people who can't afford the higher expense of permanent insurance,
or for people covering specific needs that will end in time, such
as a car loan or a mortgage. These factors make Term Life a more
suitable choice if you have a temporary need for life insurance
protection.
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