TERM INSURANCE

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Term Insurance

Term insurance is a life insurance policy that offers protection for a specific "term" of years or a set amount of time. A death benefit will be paid if the insured passes away within the time frame specified in the policy and the policy is active or in effect.

Initially, term insurance is far less expensive than permanent life insurance. Unlike most permanent insurance options, term insurance doesn't have a financial value. In other words, the policy's guaranteed death payout is its sole worth.

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Key Takeaways

  • Term insurance is a life insurance policy that offers protection for a specific "term" of years or a set amount of time.
  • A death benefit will be paid if the insured passes away while the term insurance is still in effect and the policy is active.
  • For the duration of the policy, many term insurance policies give level rates.
  • Other term insurance plans provide the ability to switch from term to permanent insurance and benefits that increase or decrease over time.