Term Insurance Quote
How a Term INsurance Works
Term insurance is a type of life insurance policy that provides coverage for a certain period of years (known as "term"). If the insured dies during the "term" of the policy, a death benefit will be paid. However, most term insurance does not have cash value. This means that the policy does not acquire cash and when the policy term expires, nothing is payable to the insured.
Term insurance are usually offer a term of coverage from 5 years to 40 years.
Recent years, there are also term insurance that provides coverage to age 99 for people who wanted to provide protection for whole life.
How much does Term Insurance cost?
As there are no cash value element in the policy, the cost of term insurance is relatively cheaper than other types of life insurance such as whole life policies, limited pay whole life policies, universal life policies and investment-linked policies. Most people with high level of commitment will benefit from the low cost of coverage that term insurance provides.