Life Insurance FAQ
Buying life insurance can be a complex and confusing decision. For many people the challenge of planning for the unknown while staying within a budget can leave heads spinning. Fortunately, we've taken our years of industry experience and pulled together some of the most frequently asked questions regarding life insurance. If you have a question that is not included in this section, call our life insurance specialists at 1-800-521-7873.
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| What is term life insurance? |
| Term Life insurance is a policy that you purchase for a specific length of time, typically from 10 to 30 years. At the end of the term you can choose to renew the policy for another length of time. Term Life insurance, referred to as “benefit only insurance,” pays a lump- sum death benefit to your beneficiaries at the time of your death, as opposed to more expensive Permanent Life insurance policies that build up cash value over time. Your heirs can use the pay-out of your term life policy to cover your funeral expenses, immediate bills, college tuition, or invest it to make up for the loss of salary to pay for the family’s on-going expenses. Term Life insurance is the most affordable type of life insurance policy to buy and is perfect for young families or those with a specific budget in mind. Rates are at all-time competitive lows. |
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