Term life insurance is a term life insurance solution that provides fixed-rate life insurance over a fixed term. The current lifespan is 5, 10 or 20 years, although other options are possible. The longer the duration of the contract, the more expensive the policy is likely to be because it covers a longer period so that the risk of death of the insured during the term will increase. Term life insurance provides only a death benefit and has no monetary value. Life insurance takes age into account when purchasing the policy. Therefore, the younger you are when you buy Convertible Term Life Insurance , the less expensive it will be.
Why is term life insurance less expensive?
Term life insurance is a cheaper life insurance option and a good choice when you are on a budget because it is temporary and only pays death benefits to policy beneficiaries if the insured dies for a limited time. of the police.
The risk is far lower than that of whole life insurance or universal life insurance. Term life insurance is, therefore, the cheapest option in the range of life insurance products. Unlike the whole life and universal life products, the policy has …