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Term Life
Insurance can provide you with large dollar
amounts of death benefit at an affordable
price. These policies are designed to give
you protection for a guaranteed number of
years with a guaranteed level premium. Many
people buy term life insurance to cover
mortgages, college tuition, replacement of
income and any other financial obligations
that have a set amount of time that they may
be financially responsible.
Term Life
Insurance has few of the features that are
associated with other life insurance
policies. Whole Life Insurance, Universal
Life Insurance, and other variations of
permanent life insurance, have internal cash
build up available for the policy owner to
access based on its design. Policy owners
receive interest and interest compounding on
these cash values. Permanent life insurance
policy owners pay a higher premium than term
life insurance owners because it is that
excess premium that accumulates for
available cash later on. Term Life Insurance
does not build a cash value. It is pure
insurance coverage for a set number of
years.
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