Term Life Insurance

Term Life Insurance is life insurance for a specified period of time in your life. It is meant to be paid out to your beneficiary should you pass away unexpectedly during the period of time that you are covered. Term Life Insurance is one of the more economical forms of life insurance in the marketplace. Unlike Universal Life Insurance, there are no savings attached, just pure coverage.

If you need long-term life insurance, Term Life Insurance probably is not for you, although it can be added as a rider to a permanent insurance plan. Common types of term insurance include 10, 20, and 30 year terms as well as “term to age 100” coverage.

Qualifications

You must fill out an application and answer medical questions. Fluid testing may also be required, along with other underwriting requirements.

Premiums based on

Your age and sex, smoking habits and current health status.