Term Life Insurance
Term life insurance provides insurance coverage for a certain period of time, or a term. The
terms can range from one year to 40 years. After the term expires, you can renew your policy at the new rate or you
can just let the coverage end.
Term life insurance is the simplest and least expensive form of life insrurance. Most people
choose it because of its affordability, because you can purchase a large amount of insurance to cover debts, loss
of income, and future obligations such as a child's education costs.
Most term life insurance policies have a conversion
privilege, which allows the owner to convert his or her policy to whole life insurance, which is permanent
coverage, during a specified time period.
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