Term life insurance is protection for your
family in the event of your death. If you die while your term life insurance
policy is in effect, your beneficiaries will receive the value of your policy.
Term life insurance quotes are based on several factors – your age, family
status, occupation and lifestyle all influence your quote.
What you are basically purchasing is financial protection for your loved ones
in case you die suddenly.
Generally, term life policies are for 10 to
20 years, and the premiums can be very affordable. Term life
differs from whole life because there is no investment portion and no cash
value. When your policy expires, you do not receive any cash value payout, but
you are also not paying someone else to invest your money. The difference in
term and whole premiums can be invested by you, and in many cases give you a
higher return than a whole life policy.