Readers Question who lives in Arlington, Virginia: What is term Life Insurance?”
Answer to Readers Question: Term life insurance is the simplest,and usually the cheapest, form of life insurance that you can purchase today. Term life insurance provides protection for a specific period of time and remember if you buy term life, when the term ends so does the insurance. Also the money you spent on purchasing the policy is gone. It pays a benefit only if you die during the term specified in your policy. If you are living the policy expires without value. It is sometimes called “temporary life insurance.”
Term Life Insurance provides protection for a specified amount of time and only pays benefits if you dies during that period. You can purchase a policy for 1, 5 or 10 years.
There are many Insurance Companies that will provides a Plan up to $30,000 in life insurance coverage for children and young adults. It is by far one of the easiest and most affordable ways to establish their financial foundation while they’re still young and $1* pays the premium for the first month.
An insurance policy is a legally binding contract between an insurance company and the person who buys the policy. In exchange for payment of a specified sum of money, called the “premium,” the insurance company agrees to pay for certain types of loss or damage as specified by the contract. When a loss occurs which meets all of the requirements described by the terms of an insurance policy, the loss is said to be “covered” by that policy.