Term life insurance

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Term life insurance

A contract that provides a death benefit but no cash build up or investment component. The premium remains constant only for a specified term of years, and the policy is usually renewable at the end of each term.

Term Life Insurance

A life insurance policy that provides coverage only for a certain period of time. A term life insurance policy provides a benefit upon the death of the policyholder, but ceases to provide this benefit if he/she is still alive when the policy expires. Upon expiration, the policyholder may decide to renew the policy or let it lapse. If the policy lapses, the policyholder is not reimbursed for the premiums paid over the life of the policy. A term life insurance policy does not include some of the other benefits of a whole life policy, such as a savings component.
References in periodicals archive ?
If they are more interested in having insurance primarily for the death benefit -- to help pay for college or eliminate debt -- a term life insurance policy that will provide for their family following the loss of income may be a better option.
Related: 6 reasons to convert that term life insurance policy
Tenders are invited for Group Term Life Insurance Policy For Concor Employees
If you have a need for life insurance now - to protect your family or cover for a mortgage for example, take out a term life insurance policy today and the premiums you pay will forever be based on the information supplied at this point in time.
Buying a term life insurance policy with a conversion option is really important.
Eight in 10 Americans overestimate the price of a term life insurance policy, according to the Insurance Barometer Study.
Affordability should be less of an issue if critical illness insurance is purchased as a rider to a term life insurance policy.
As part of the succession plan, when I became sole owner of the company, I purchased a term life insurance policy.
As part of a benefit package it can be a high-face amount, reasonably priced add-on to a term life insurance policy, part of the traditional travel package for employers with a large number of employees that travel both domestically and certainly internationally, or even a low face amount giveaway.
However, because the conversion feature in William's term life insurance policy allows him to convert his term insurance to a whole life insurance policy with a cash accumulation feature after he's successfully filed a claim under the policy's waiver of premium rider, he can continue to accumulate money without additional outlay by his family.