Term Insurance provides coverage for a specific term period. Typically 10, 15, 20, 25 or 30 years at a fixed rate. Once you have reached the end of the policy term period, you may choose to keep your policy in place. The cost to keep the policy in place will increase significantly and it will continue to increase each year as you age. The policy will remain in place until the insured reaches the age of 95. If the insured dies within the specified term, the insurer pays a death benefit to the designated beneficiaries. Term Insurance is the least expensive option and premiums are based upon attained age and health status.
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