What does Term Insurance Mean?
Term insurance is the simplest and most affordable type of life insurance. Sometimes simple is better. With its basic purpose – to provide a policyholder protection for a specific length of time from five to thirty years – term insurance is the backbone of the life insurance industry. A term life insurance policy provides the largest immediate death benefit for your family and beneficiaries for the minimum premium dollar. In other words, it gives you the biggest bang for your buck. Although term insurance offers temporary coverage, the affordable rates allow for the purchase of much larger coverage than you might be able to buy with a permanent life insurance plan such as whole life, universal life or variable universal life.
Common Uses of Term Life Insurance
The most common use of a term life policy is to provide for financial responsibilities following death such as debt, mortgage payments, or dependent care.
Term Insurance is most commonly offered in 5-year increments, ranging from 5 to 30-year term levels. The annual premium you pay for a term insurance plan is typically the same each year.
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