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What are some of the main characteristics of term life insurance?
Wiki User
∙ 13y ago
Initially, term life insurance is to be distinguished from "whole life insurance". Term insurance tends to be less costly than whole life, because it provides protection (indemnity) only, and does not have a savings element ("cash value") built into it.
Term insurance lasts for a finite period of time (for example, 20 years), and premiums are paid during the entirety of that period. If premiums cease, the coverage lapses once any grace period expires.
There are various kinds of term insurance that may have a bearing upon how, and how much is paid in premium. For example, "level term" involves the payment of the same amount of premium for the duration, whereas "increasing term" may start out with a lower premium and increase in cost as the policy goes forward.
Like any other kind of life insurance, the amount of premium, and whether or not a policy will be issued by the insured, depends upon factors including age, health history, and others.
Wiki User
∙ 13y ago
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