Features of term life insurance:
Inexpensive policy;
Term life insurance policies are concluded for a specific period;
Reasons for buying a term life insurance policy often include:
Income reimbursement: this means that upon the occurrence of an insured event, the family receives the payment specified in the contract;
Large debts: the insurance company pays off all the loans of the insured upon the occurrence of an insurance event;
Funeral expenses: many people include funeral expenses in their insurance coverage.
When buying a term life insurance policy, a person chooses the duration of the insurance coverage, usually it is 5, 10, 15, 20, 25 or 30 years. A small number of companies also offer terms ranging from 35 to 40 years. Insurer’s premium does not change during this period. If the person passes away, his beneficiaries will receive payments.
Source: https://www.forbes.com/advisor/life-insurance/term-life-insurance-buyers-guide/
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