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Term insurance is a temporary type of life insurance that offers protection for a limited time: 1 year, 10 years, 15 years, 20, 30 40 years, or to age 65.

You select the term period depending on your specific needs for protection: children still in school, dependent parents, protecting assets, number of years left to pay mortgage on your home, etc.

Term life insurance does not accumulate cash value. However, there are types of term insurance that can return all your premiums back at the end of the term, if you request to add the Return Of Premium (ROP) rider to your policy.

You should contact a good agent that would help you navigate through all your options and get multiple quotes from different insurance companies, with and without the Return of Premium life insurance rider.

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13y ago

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Which type of term insurance is often called mortgage insurance?

term plus


Is term insurance the most expensive type of life insurance?

No, term insurance is not the most expensive type of life insurance. Usually, term insurance is the most affordable type of life insurance. Term life insurance usually costs 2-3 times less than permanent life insurance. Why? because term life is temporary coverage, usually for 1-30 years, and it builds no cash value inside the policy. See for yourself: Free term life insurance quotes at QualityTermLife's website.


DO YOU GET interest on term life insurance?

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.


What are the benefits of purchasing term assurance?

Term life insurance will protect the policyholder should his or her life end unexpectedly. Term life insurance is often the cheapest of all available insurance. Usually, term life insurance can be converted to whole life insurance during the term. Whole life insurance will never expire and the rates will remain constant throughout the policyholder's life.


What is the difference between term and whole life insurance if there is any?

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.