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The least expensive type of life insurance is usually term life insurance. It provides coverage for a specific period — often 10, 20 or 30 years — and is typically much cheaper than permanent ...
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Term life insurance provides temporary coverage. It only offers coverage for a set number of years, such as 10, 20 or 30. During the term, you’ll pay premiums.
More common than annual renewable term insurance is guaranteed level premium term life insurance, where the premium is guaranteed to be the same for a given period of years. The most common terms are 10, 15, 20, and 30 years. In this form, the premium paid each year remains the same for the duration of the contract.
Term assurance provides life insurance coverage for a specified term (usually 10–30 years). Term life insurance policies do not accumulate cash value, but are significantly less expensive than permanent life insurance policies with equivalent face amounts.
Term insurance is just that—a life insurance policy that covers you for a set term or period of time. Most term policies are available for 10, 20 or 30 years, although you might find providers ...
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