Term life insurance provides coverage for a limited period of time, the relevant term. After that period, the insured can either drop the policy or pay annually increasing premiums to continue the coverage. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is often the most inexpensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis.
Term Life
Insurance
Term life insurance New York is one of the two
basic types of insurance policies (the other is permanent life
insurance) offered all over the world. Although it may be marketed
under different names across the global insurance industry, it is
also commonly referred to as temporary life insurance.
As its name implies, term life
insurance provides protection over a fixed period, expiring after a
set term of, typically, 5, 10, or 20 years. However, many companies
offer a fixed term of anywhere between 1 and 30 years, with 20-year
policies being the most popular.
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