It works like this
As the name implies, term life insurance lasts for a specified period of time . Usually one to 30 years.For the money, term life offers the most protection, helping to guard your loved ones against financial stress and strain in the event of your death.
A 20 year term life insurance policy is the most popular and you can usually buy term life insurance up until your 80th birthday. The premium amount is based on your health and age at the time of purchase and remains level over the term of your policy. When the policy expires you can renew but the new policy rate will be based on your health and age at the time of renewal. That being case, youll want to buy a policy that keeps you covered long enough to reach your financial goals when the insurance will no longer be necessary.
Your premiums go only toward the cost of maintaining your insurance policy, with term insurance, therefore there is no cash value. It is much less expensive than other types of life insurance since there is no cash value. For example a 35 year old male, non smoker, could get $300,000 of coverage for less than $45 a month.
Some Things To Think About
It’s important to decide how long you need coverage, and how much you need, when buying term life insurance. Before making your purchase think about such factors as:
The size of your family
Marital status
How many dependents?
How much income do you have?
Regardless what type life insurance you buy, youll want to leave your loved ones with the resources they need to cover the income that has been lost, pay your final expenses, pay off loans or mortgages, or pay for their education.
One of most cost effective and reliable ways to do that is with term life insurance.
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