Term Life Insurance
Term Insurance is a policy with a set duration limit on the coverage period. Once the policy is expired, it is up to the policy owner to decide whether to renew the term life insurance policy or to let the coverage end. This is similar to renting a home. The home is yours to live in until you decide to move on. You don’t retail ownership of the home and there is no equity in it. These types of policies provide a stated benefit upon the death of the policy owner, provided that the death occurs within a specific time period. However, the policy does not provide any returns beyond the stated benefit, unlike permanent life insurance policies, which have a savings component that can be used for wealth accumulation.
Watch the video below for a Life Insurance 101 on the topic. If you need to quickly determine the amount of life insurance that is right for you click the following link. Please don’t hesitate to connect with us to determine a specific solution for you and your situation.