Term Life Insurance

Term life insurance, also the simplest, is initially the least expensive type of life insurance coverage.

This policy does not build up any cash value. The value is determined at the time the policy is taken out. The term life insurance policy will only pay your beneficiary the fixed amount of money if you die with the term of the policy.

The term of the coverage is for a fixed term, typically between 1 to 30 years. The life insurance policy can usually be renewed if the insured maintains good health. The cost of the premiums are lowest when you are young. As you get older and need to renew, the premiums will increase. Check your policy for age or other renewal restrictions so there won’t be any surprises.