Term Insurance
Term life insurance is a policy that provides coverage at a fixed rate of payments for a specified "term" of years. After that period expires coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments and/or conditions. If the insured dies during the time period specified in the policy and the policy is active, or in force, then a death benefit will be paid out.
Term insurance is initially much less expensive when compared to permanent life insurance. Unlike most types of permanent insurance, term insurance has no cash value.
