What is Term Life Insurance

Any life insurance policy that covers you for a predetermined period of time is a term life insurance policy. Should you die during this policy's term, your beneficiaries will receive a payout of the face value of the policy - should the insurance policy expire before you die, there is no payout.

Term life policies are insurance, plain and simple; they have no cash value or savings feature that can be cashed in at a point in time. However, you may be able to secure loans using death benefit as collateral, during the life of your policy. You should be aware that if you chose to use you policy in this manner you will  diminish the death benefit until the loan plus interest is paid back.

Term life insurance policies are both affordable and flexible.  Which make them very popular.

Life insurance companies typically offer term policies in increments of 5 years, up to a maximum of 30 years.

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