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Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions.
Some fringe benefits (for example, accident and health plans, and group-term life insurance coverage up to $50,000) may be excluded from the employee's gross income and, therefore, are not subject to federal income tax in the United States. Some function as tax shelters (for example, flexible spending, 401(k), or 403(b) accounts).
Term life insurance policies do not accumulate cash value, but are significantly less expensive than permanent life insurance policies with equivalent face amounts. Policyholders can save to provide for increased term premiums or decrease insurance needs (by paying off debts or saving to provide for survivor needs).
Here’s a breakdown of the major types of term life insurance policies: Level term life insurance: Offers fixed premiums and a fixed death benefit for the policy duration, typically ranging from ...
Some kinds of term life insurance also maintain constant premiums throughout the policy’s life. The four primary types of term life insurance are: Level term policies. Yearly renewable term policies
Term life insurance is insurance that covers a person, often the head of a household, for a specified period. Should the insured person pass away while the policy is in force, the beneficiary ...
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