What is term life insurance?
Term life insurance is the standard life insurance product.
With term life insurance, your policy remains in force for only a certain duration (1–30 years, depending on the policy). If the insured dies during your policy's term of coverage, then the policy's beneficiary receives an indemnity called a "death benefit," and the policy terminates.
The policy's owner must make periodic payments called "premiums" in order to keep the policy in force during its term of coverage. Failure to pay the required premiums results in the policy terminating prematurely.
In the event that the insured outlives the policy's term of coverage, the insurance company pays no death benefit. This is the distinction between term life insurance and its alternative, permanent life insurance. The owner of a permanent life insurance policy can maintain his/her coverage for as long as it takes to get a death benefit.
Term life insurance is the simplest and cheapest of life insurance policies. It is sufficiently simple that to start shopping, you need only determine how large a death benefit you require and how long a term of coverage you require. Then, with but a few keystrokes, you can compare life insurance rates from the top insurers in the nation, and even apply online. Here are a few hyperlinks to guide you through the process:
