US temporary life insurance works for a certain period, usually from 10 to 30 years.
For example, a young 25-year-old man buys an insurance policy for a period of 20 years. Thus, life insurance will work for the next 20 years and payments will remain the same for the entire period. After 20 years, when the insurance period comes to an end, the insurance will end completely or it will be offered to continue the coverage at a higher cost (depending on the insurance company).
As long as premium is paid, the insurance coverage works. This type of insurance does not have a funded component. As soon as payment stops, the coverage will end.
Insurance companies usually give 30 days to make a missed payment, which has to be made within this period in order not to lose the insurance policy.
Temporary life insurance in the US is the most inexpensive way to insure your life for a large amount.
That is why this type of life insurance is most suitable for young people who have large financial obligations and a lot of expenses such as:
small children
other people dependent on you: parents, wife/husband
mortgage
car loan
other debts
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In addition to death compensation, some insurance companies offer a very important additional bonus. Living benefits are an opportunity to receive payment in case of a serious illness: terminal, chronic or critical, for example, heart attack or stroke.
People with such serious health problems usually need special care. They have no opportunity to work, let alone lead a normal lifestyle.
The sickness benefit is a serious support at a difficult moment in life. This payment can be spent on anything, a report to the insurance company is not required.
Source: https://www.indmoney.com/articles/insurance/permanent-life-insurance-policy
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