Term Insurance

Term insurance provides the least expensive form of life insurance. It is insurance for a period of time, as opposed to insurance that is in place for your lifetime. Insurance premiums for term insurance are based on a variety of factors including your age, health, and the length of the term desired. Some of the more common types of term insurance include a 10-year term, 20-year term, term to age 75 and term to age 100.

You pay for insurance in the form of a premium that is paid monthly, quarterly, or annually. Most people have the premium automatically deducted from their bank accounts. With term insurance, when the term ends, generally your insurance ends, and the policy is over. You donít receive the premium back. But, some policies are structured to refund the premium to you if you do not die before the policy ends. Such policies are more expensive.

You can buy term insurance from an insurance agent and even online. It is very straightforward and uncomplicated, however it is highly recommended to discuss your insurance needs with experienced life insurance agents.

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