What is Term Life Insurance?

Mar 11, 2009 Types of Life Insurance

Term life insurance is the most basic and least expensive type of insurance policy.  The purpose of a term life insurance policy is to pay a lump sum to whoever you designate as your beneficiary, in the event of your death.  You select the death benefit and the period of coverage.  You can select from a one year term period all the way up to a 40 year term period with periods in between of 10, 15, 20, 25, 30, etc.  Some companies even have what are called off term periods, such as 21 or 22 yrs.  The policy protects your family by providing money to replace your income, pay off the mortgage, pay for college or anything that is needed.

There is also a version of term life insurance that will return one hundred percent of premiums paid to the owner, if the insured is still alive at the end of the term period.  This is called return of premium term life insurance.  Return of premium term life insurance is typically available for 10, 15, 20 or 30 yrs.

Tags: affordable life insurance quote, affordable term life insurance quote, best term life insurance quote, cheap life insurance quote, compare life insurance quote, instant life insurance quotes, insurance quote online, life insurance comparison, Life Insurance Quotes, quote for life insurance, return of premium, return of premium life insurance, rop, term insurance, term insurance comparison, term insurance quotes, term insurance rate quote, term insurance rates, term life insurance, whole life insurance quote online