This really doesn't have to be so confusing. So here's my simple explanation of "Term Life Insurance"...
What is Term Life Insurance?
It is life insurance that pays a death benefit to your beneficiaries if you die within the term period... That's it.
It is usually offered in 10, 15, 20, 25, or 30-year terms.
You pay the same premium for the entire term period. Pretty simple, right?
The shorter the term period, the lower the monthly premiums are so the 10 year-term is the least expensive to purchase.
There is a catch though...
If you live longer than the term you will lose your coverage or you can "renew" the policy at much higher rates. (truth)
That's why you should make sure you get a long enough term policy to protect your entire family while they are still young and financially vulnerable.
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