10 December, 2020

What is term life insurance?

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Term life insurance pays a death benefit to your beneficiaries if you die during the policy “term.” These products typically offer premiums that are guaranteed to remain the same for a period, say for 10 or 20 years, or to a given age such as age 65. After this “level premium period,” premiums typically increase each year based on the insured’s age. To see how Next Term Life is different than traditional term life insurance plans, see the Next Term Life section below.