Term Life Insurance: A Better Way to Go for Most

Term life insurance is the original form of life insurance and is considered to be pure insurance protection.

It builds no cash value, as compared to permanent life insurance. Examples of this permanent life insurance are whole life, universal life, and variable universal life.

Term life insurance provides coverage for a limited period of time, often 10-30 years, and is generally the most inexpensive way to receive substantial coverage. If the insured person dies during the term, the face value of the policy will be paid to the beneficiary. If he doesn't die, he gets to keep making the payments. (I prefer option two: continue making the payments.)

Term insurance works in a manner similar to most other types of insurance in that it pays claims if the premiums are up to date and the contract has not expired. If you do your part, the insurance company will do its part.

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