Term life insurance is by far the simplest form of life insurance. Term life insurance is simply that, insurance for a term or specific period of time. It pays a benefit only if you die in the designated period of time. On the downside, it pays nothing if the policy expires before you die. It is often referred to as temporary life insurance.
Policies generally last for 5, 10, 15, 20, or 30 years. Many policies are convertible, which means that you have option of switching to a permanent life policy. The main advantage of a term life policy is that they generally have lower premiums. They are good for covering needs that may disappear in time, such as car or mortgage loans.
They also have some distinct drawbacks. Premiums generally increase with time. This means that you will be paying considerably more in your later years, when your need for protection is generally lower. Another factor to consider is that your coverage may expire at the end of your term, leaving you with nothing to show for your investment. You are essentially back at square one.
Insurance agents often recommend that customers switch term companies every couple years, in order...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
