The amount of the payout depends on the amount of the policy. Term life is issued to people in good health. The premiums are low because the payouts are low. This articles has a lot of good info: http://www.compuquotes.com/term-life-insurance-payout-and-differences.html
No, because Term Life insurance policy has NO cash value.
A change in the amount of life insurance provided by your life insurance policy is determined by the coverage you have. A permanent life insurance policy usually provides the same amount of life insurance protection for your entire lifetime, as long as you pay the premiums. A term life insurance policy lasts for a temporary period of time. Usually, term life policies are issued for 1-30 years. A 10 year term life insurance policy provides protection for 10 years. if you outlive your policy term, the coverage expires. A level term life insurance policy provides coverage and premiums that remain the same each year for the entire term of your policy. A decreasing term life insurance policy provides premiums that remain the same each year, but the amount of life insurance decreases each year until the end of your policy term. There are other term life insurance plans that may provide less coverage after a certain age, or your policy term expires after a certain age.
Yes, you can. Call the life insurance company and cancel the policy.
Generally, term life insurance does not return interest on your premiums paid. Term life insurance is temporary life insurance for a specific number of years. Usually term life insurance is available for 1-30 years. Term life insurance does not build cash value within the policy. It is "Pure Protection" with no investment portion to the policy. There are Return Premium Term Life Insurance Policies which may return a portion of your premiums if you outlive your policy term.
The difference between term life insurance and whole life insurance is that a term policy covers the insured for a "term of years" whereas a whole insurance policy covers the insured for the entire life period.
Term life insurance is only life coverage. When the person who is insured dies, the beneficiary receives the amount of the policy. Whole life insurance is a term life policy combined with an investment. This policy builds value.
Yes. Term insurance is like renting insurance.
Term Life Insurance
Common questions about life insurance that one should ask the life insurance agents before buying a policy are if it is term or whole life insurance and how much it cost.
A term policy that can be converted to a whole life (or other) policy.
One can find much more information on a term life insurance policy on various websites such as Wikipedia, Prudential, Statefarm, Smartmoney, and Liberty Mutual.
In a term policy if you outlive the term of your policy, no benefits are paid. For example, if you buy a 20 year term life insurance policy, and you are alive at the end of the policy, no death benefit is paid out. -ex