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<h1 class="article_title">Term Life Insurance</h1> <hr /> <p style="padding-left: 30px;">Contents<br /><em><a href="#what">What is term life insurance?</a><br /><a href="#who">Who should get term life insurance?</a><br /><a href="#next">What’s next?</a><br /><a href="#variations">Variations on term life insurance</a></em></p> <h2 class="article_subtitle"> <hr /> <a name="what"></a>What is term life insurance?</h2> <p><a class="in_text_link" href="/term-life-insurance">Term life insurance</a> is the <strong>cheapest, simplest form of</strong> <a class="in_text_link" href="/">life insurance</a>.  It distinguishes itself from <a class="in_text_link" href="/life-insurance/permanent-life-insurance.asp">permanent life insurance</a> in that the policy only lasts for a predetermined period of time (the term).</p> <p><strong>How it works</strong> is extremely simple:  The insurance company pledges to pay a certain sum (death benefit) if you expire during the period agreed upon in your contract.  You, in turn, make periodic payments (premiums) to keep the contract in force.  In a traditional term life insurance policy, the death benefit and the premiums are fixed at the time your contract is made and do not change.</p> <p><strong>At the end of your policy’s term</strong>, your payments and your coverage both cease.  However, you may have the opportunity to <a class="in_text_link" href="/dictionary/life-insurance/renewable-term-life-insurance-definition.asp">renew</a> your term policy.</p> <h2 class="article_subtitle"><a name="who"></a>Who should get term life insurance?</h2> <p>Term life insurance is commonly purchased for the following reasons:</p> <ul> <li>Cover debts / liabilities (e.g. <a class="in_text_link" href="/offers/mortgage-life-insurance.asp">home mortgage</a>, funeral costs).</li> <li>Maintain a spouse's standard of living.</li> <li>Provide for one’s children until they are of age.</li> <li>Pay for schooling or daycare for one’s children.</li> <li>Fund a <a class="in_text_link" href="/offers/buy-sell-insurance.asp">buy-sell agreement</a> for a business.</li> <li>Protect a business from a <a class="in_text_link" href="/offers/key-man-life-insurance.asp">key employee</a>'s death.</li> </ul> <p>If you have young children, debts and liabilities, own a business, or want to leave behind a legacy, then term life insurance may be right for you.</p> <h2 class="article_subtitle"><a name="next"></a>What’s next?</h2> <p>You have several options at this point:</p> <ul> <li>Begin shopping for term life insurance now, using our quoter to instantly <a class="in_text_link" href="/quoters/new">compare term life insurance rates online</a>.  (click <a href="/quoters/new">here</a>)</li> <li>Get shopping assistance by visiting our online <a class="in_text_link" href="/life-insurance-information">Life Insurance Information Library</a> or by calling <strong>1-800-823-4852</strong> to speak with an advisor.  (click <a href="/life-insurance-information">here</a>)</li> <li>Compare what you’ve learned about term life insurance with <a href="/offers/whole-life-insurance.asp">whole life insurance</a> and <a href="/offers/universal-life-insurance.asp">universal life insurance</a>.</li> <li>Continue to the section below to learn about several variations on basic term life insurance.</li> </ul> <h2 class="article_subtitle"><a name="variations"></a>Variations on term life insurance</h2> <p>The term life insurance policy you create may fall into zero or more of the following classes:</p> <ul> <li><a href="/offers/return-of-premium.asp">Return of premium life insurance</a> (<a href="/offers/return-of-premium.asp">ROP</a>)—When the term ends, your premiums are all refunded to you.</li> <li><a href="/life-insurance/annual-renewable-term-art.asp">Annual renewable term life insurance</a> (<a href="/life-insurance/annual-renewable-term-art.asp">ART</a>)—The term is just one year long, but you get to renew your policy upon its termination.</li> <li><a href="/dictionary/life-insurance/renewable-term-life-insurance-definition.asp">Renewable term life insurance</a>—You can renew your term life insurance policy when it expires.</li> <li><a href="/life-insurance/adjustable-term.asp">Adjustable term life insurance</a>—The death benefit is adjustable during the term of coverage.</li> <li><a href="/term-life-insurance/universal-term.asp">Universal term life insurance</a>—Term life insurance with a cash value component.</li> <li><a href="/life-insurance/participating.asp">Participating life insurance</a>—Term life insurance which provides dividends to the policyholder.</li> </ul>

2010-01-14T18:56:02Z

Term Life Insurance

Term life insurance information: What it is, when to get it, how much to get. Also, compare term life insurance quotes and rates.

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2010-03-01T20:25:31Z

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