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Term Life Insurance

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Term life insurance is a form of life insurance that provides coverage for a specific period of time. Term life insurance is generally bought for a period of years or decades and covers accidental death and various injuries. Unlike whole life, which provides coverage until death or age 100, term life insurance does not have an investment element to it; thus, term life insurance cannot provide any money in addition to its stated amount. If the holder of a term life insurance policy or his/her beneficiaries make no claims during the coverage period, the policyholder or beneficiaries will reap no returns from the policy. Because of its shorter duration and lack of investment component, term life insurance tends to be less expensive than whole life. However, premiums do rise as the term life insurance policyholder ages.



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