Term Life Insurance
Term Life Insurancecovers you for a particular period of time, usually 10 to 30 years. If you die after your policy has expired, you receive no benefit. Term life insurance is much less expensive than whole life insurance. The premium that you pay is determined largely by your age, the length of your policy and of course your health. The younger you are and the shorter the coverage you purchase, the lower you will pay for that insurance.
You will pay more if you purchase a longer policy, but you will also be locking in the monthly cost of that life insurance policy for the length of that term. So, if you purchase a 30 year policy, and in year 15 you have a heart attack, your premiums will not rise a cent for the remainder of the policy.
However, you are not locking yourself into the policy. With most policies you can cancel the policy at any time for any reason (for example you found a better rate at aonther life insurance company).
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