Term Life Insurance offers cover to a person at a fixed rate for a temporary period of time. Once the selected time period is over the policyholder is no longer covered and must obtain further coverage if they wish to do so. If the policyholder passes away during the selected period of coverage, their beneficiary will be paid out through a lump sum.
Term Life Insurance is generally used to cover the financial responsibilities of the policyholder once they pass away. The beneficiary can use it to pay for existing debt, care for remaining dependants, pay for the education of dependants, pay for funeral costs, or to pay off an existing home loan. While this type of policy is very affordable, it does not increase in value as you pay into it and ceases to continue once it has come to an end. As this type of policy is relatively basic, it is also not difficult to cancel.
If you feel a temporary form of insurance is for you, compare quotes from different companies online to find the best deal. Once you have done the research on Life Insurance policies, you can rest assured you’ve applied for the right one.
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