FAQ

Whole life vs term insurance which is better

what is term life insurance?

Term insurance covers a fixed period of time, or term, and is generally considered term insurance. the term can be as short as one year, and can escalate from there depending on the provider. The average length of a term life insurance policy is between 10 and 20 years, but the term can also cover someone until they reach a specific age.

These policies generally pay the death benefit if you die during the term of the policy. but if the policy expires before you die, the insurer will not pay the death benefit. In other words, when you buy term life insurance, you’re only covered for the period of time you pay the premiums.

Reading: Whole life vs term insurance which is better

If the term of the policy ends before you die, then the policy generally expires and the insurer will not pay a death benefit. Fortunately, some term insurance policies are more flexible:

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