Term Life Insurance Definition? It’s Love Insurance.
What is term life insurance? We call it: love insurance. This simple term life insurance definition is true because for your family—for your loved ones—an affordable term life insurance policy could be the foundation of their future financial security.
What Is Term Life Insurance?
When figuring out what role term insurance will play in your life, you’ll probably have a few questions. No worries. Here’s the basics:
Term life insurance is the most common type of life insurance purchased in the USA. It is simple to understand how it works, so people (like you) buy term life policies to protect their families from financial hardship due to loss of income.
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Term life provides money for your beneficiary (or beneficiaries) if you, the insured, would die while owning your policy. Your term (as in term life insurance) is the length of time your life insurance policy will be actively insuring your life. That could be anywhere from 10 to 35 years, depending on what policy length you choose when you buy your term life insurance.
Your policy can benefit one person or more. Your beneficiary could be your (