What is long term life insurance?

Long term life insurance refers to a term life insurance policy that is in effect for a long period of time, usually 15, 20 or 30 years. Term life insurance provides life insurance protection for a specific number of years, usually 1-30 years. A short term life insurance policy may be 1-10 years. A long term life insurance policy may provide coverage for 15-30 or more years. If so, Long Term Care (LTC) coverage varies, but can pay for nursing home, hospice, home health care, "meals on wheels" type of assistance and other needs of the elderly or infirm. With the cost of nursing home care rising every year, it's wise to look into it. Your risks of having an auto claim are a little better than 1 in 200, a homeowners claim is even more remote, but one in two will be in a nursing home. Now that we're living longer, I expect these odds to worsen. I have this coverage, and the monthly premium is about the same cost as I can expect to pay DAILY once I'm in a nursing home. Also, young people who become ill or have tragic accidents are at risk as well, and the earlier you purchase it, the cheaper it is. Term Life Insurance is in essence a temporary contract. This means that this type of insurance will expire after a specified term, usually between 10 to 30 years (though this can vary with individual providers). A long term life insurance policy is one with a coverage of 30 years. Unlike a whole life insurance policy, term life insurance does not accrue any cash value. Due to this, there are lower monthly premiums as you are in effect only paying for the 'pure' insurance, and not using this as an investment or savings. In the event of the insurer's death within the term, the death benefits can be claimed by the beneficiary. Since it offers high death benefits at inexpensive premiums, this type of policy is very popular. The main reasons for choosing a term life insurance policy would be to provide for your family in case of your death, to pay off any debts or mortgages, to cover funeral expenses and any estate taxes, to cover educational loans for your children, and to provide for an aging or retired spouse.