Insurance plan which pays a beneficiary only when an insured dies within a specified period. There are no permanent policy benefits such as cash or loan value. The premiums are age based and the policy is convertible (you may transfer to an individual policy with the same face amount but a more expensive premium schedule).
Term life is insurance that is temporary, as opposed to permanent life insurance. Term life is often sold in 5 year or 10 year terms. Term life can be very affordable when the buyer is young, and quite expensive for an older purchaser.
Life insurance issued for a specific number of years.
Life insurance in effect for a specified limited period if an insured dies within that period the beneficiary receives payment. If the insured survives the specified limited period, the beneficiary receives nothing.
Life insurance that is purchased for a term of years. The policy expires at the end of the stated number of years.
A type of life insurance that provides insurance protection for a set period of time. Term policies are written for one, five, 10, or 20 years. If you die before the time period ends, your beneficiaries receive the death benefit.
A life insurance policy where the payments and death benefits are fixed for a specified term. After each term the payment increases as the insured life expectancy decreases. If the policyholder lives past the specified amount of time, the policy expires with no cash value. These policies have no cash value.
term life policy is a life insurance policy that provides a fixed amount of net death benefit for a fixed premium cost for a fixed period of time.
a plan of insurance which covers the insured for only a certain period of time, and not necessarily for his/her entire life. The policy pays a death benefit only if the insured dies during the term.
A form of insurance that is pure insurance and has no cash value, which lasts for a specific pre-determined length of time, called a term.
