One of the most popular forms of life insurance is referred to as term life. This relatively simple product appeals to a broad range of individuals with various needs. On the whole, term life insurance tends to be the most affordable option for numerous families around the country. Although there are no bells and whistles typically associated with the term life insurance product, the appeal of such a protection plan is that it is simple and affordable.
As the name suggests, term life insurance exist for certain period of time. After the policy link expires, it renews on an annual rate, although this is typically much more expensive than the premium paid by the insured individual during the length of the coverage. Life insurance can typically be purchased for anywhere from between five years and 30 years, so it’s ideal for someone who wants to help with income replacement, assistance with paying debts like mortgages, or provide funds for a child’s college education.
Term life insurance can be extremely affordable when the individual applying for the coverage is young and healthy. Many people who qualify for the best life insurance rates may find that they are paying premium of approximately $10-$30 a month. Having this premium deducted directly from your bank account adds to the ease of the process. Term life insurance is an ideal solution for the individual looking for simple and effective life insurance protection. If you pass away during the length of your term life insurance policy, as long as you have paid premiums, your beneficiaries will receive the death benefit you elected at the time of application.