Term life insurance, also known as term assurance, offers life coverage with a consistent payment rate for a specified duration, known as the term. Once this term concludes, the continuation of coverage at the initial premium rate is no longer guaranteed. The policyholder must decide to either forego coverage or explore options for additional coverage with altered payments or conditions. In the event of the life insured passing away during the term, the beneficiary will receive the death benefit. Term insurance stands out as the most economical means to acquire a significant death benefit based on the coverage amount per premium dollar over a defined timeframe.
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