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Term Life Insurance |
Also found in: Wikipedia | 0.04 sec. |
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Term Life Insurance A policy with a set duration limit on the coverage period. Once the policy is expired, it is up to the policy owner to decide whether to renew the term life insurance policy or to let the coverage terminate. This type of insurance policy contrasts with permanent life insurance, whose duration extends until the policy owner reaches 100 years of age (i.e. death). Notes: These type of policies provide a stated benefit upon death of the policy owner, provided that the death occurs within a specific time period. However, the policy does not provide any returns beyond the stated benefit, unlike permanent life insurance policies, which have a savings component that can be used for wealth accumulation. Term life insurance |
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? Mentioned in | ? References in periodicals archive | |
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Group term life plans include all employees from a company. com provides answers to frequently asked questions, tips and financial calculators on, for example, group term life insurance and yearend tax planning. full-time workers: Group Term Life (life insurance) pays 300 percent of annual earnings with a minimum benefit of $50,000 and a maximum benefit of $150,000. |
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