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Term Life Insurance Term life insurance is a type of life insurance that is valid for a certain length of time, usually twenty to thirty years. During those years, the insured person pays premiums each month, and if they were to die, they would be covered for the face value of the policy. When the term is up, the insured person and their beneficiaries do not get any payment. Many life insurance companies allow the policy holder to renew the term life insurance when the term comes to maturity. However, since the policy holder will be older, and most likely in poorer health, the premiums of the renewed policy will be higher. Many life insurance customers choose term policies because the premiums are usually lower than with whole life insurance policies. They need to realize, however, that when the term is up, the policy is worth nothing. If they plan accordingly and set aside savings during that time, things will be fine. More Glossary Terms Explained here |
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