A term life insurance policy is a type of life insurance plan that provide temporary coverage usually lasting for a policy term (duration) of up to thirty years.

However, there are several policy terms to choose from, including 10, 15, 20, 25, 30, 35, or 40 years, depending on your age.

The shorter the policy term, the lower your annual cost of life insurance, because you have a lower probability of dying during the shorter term.

If the insured person dies during the policy term, the death benef...
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If you are considering the purchase of life insurance you may be wondering what life insurance coverage actually means.

Life insurance is a contract between the insurance company and the owner of the life insurance policy.


The owner agrees to pay a certain amount of money to the insurer on a regular basis, and in return for the premium payments, the insurer agrees to pay out a death benefit to the beneficiary of the life insurance policy upon the death of the insured person, subject to the term...
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Converting a term life insurance policy is an option people who have convertible term life insurance may exercise to convert their existing term life insurance into a permanent life insurance policy.

Some people decide they need lifetime coverage after having purchased a term (temporary) life insurance policy.

The option to convert your term policy allows you to convert your temporary life insurance into a permanent life insurance plan.

You will not need to take a medical exam to prove insurabil...
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Term insurance is a type of life insurance that provides you with temporary coverage lasting for a specific period of time, usually up to 30 years.

If you die during your policy term, the death benefit is paid to your beneficiary.

If you are alive when the policy term ends your life insurance coverage expires and you are no longer insured - there is no payout of any benefits.

Level Term Life Insurance usually offers the most affordable life insurance coverage lasting for thirty years or less.

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A waiver of premium rider is an insurance policy clause that waives premium payments in the event the policyholder becomes critically ill, seriously injured, or disabled.

A waiver of premium in life insurance is an action by the insurance company canceling premium payments by an insured who has been disabled for a specified period of time (usually, least 6 months).

The life insurance policy remains "In Force", just as if the insured was still making the premium payments.

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A term for life insurance applies to term or temporary life insurance policies.

The "Term" of coverage is the duration or number of years the life insurance policy provides coverage.

The Term is also known as the Policy Term.

It's basically how long your life insurance coverage will last if you keep paying your premiums on time.

Usually, term life plans offer term options of 10, 15, 20 or 30 years.

Learn more about a life insurance term and how it works.

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What is the meaning of term life insurance?

Term life insurance is a type of life insurance policy that provides temporary protection for a specified period of time, usually up to 30 years.

The "Term" of a term life policy is the duration of coverage provided by the life insurance.

You may be able to choose a "Term" of 10, 15, 20, 25 or 30 years of protection.

If the insured person dies during the policy term, the death benefit is paid out to the beneficiary of the term life policy.

If the insured...

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Guaranteed acceptance is a phrase used related to life insurance which is a type of life insurance policy you may purchase with guaranteed approval.

Also known as guaranteed issue life insurance, guaranteed acceptance plans are offered as an option for people who are older or having difficulty getting insured for life insurance.

With guaranteed approval plans you cannot be turned down for coverage due to any health issues.

As long as you meet the age requirements and can pay the premiums, you ca...

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Life insurance is a contract between an individual and a life insurance company.

The insured person agrees to pay a premium to the insurance company in return for the life insurance company promising to pay out a death benefit to the insured person's beneficiary of choice upon the death of the insured person.

The life insurance policy may include specific exclusions for which the death benefit will not be paid out, for instance, if the insured person were to commit suicide within 2 years of pur...
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Guaranteed issue in life insurance means that you will not be turned down for life insurance for any reason, regardless of any health condition.  

Most life insurance policies go through underwriting, which is where the life insurance company decides the degree of risk involved with insuring you for life insurance.

For example, are you healthy and expected to live a long life or do you have health issues that could shorten your life expectancy?

With a guaranteed issue life insur...

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Final expense life insurance is a common term that simply refers to a life insurance plan people buy to help pay for their burial and funeral expenses and other expenses related to their passing.

These final expense whole life insurance policies usually provide around $20,000 or less in the policy's face amount of life insurance death benefit coverage.

There are no medical examinations required to qualify for this type of life insurance plan.

However, there may be some healt...

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20 year term life insurance means that you have life insurance protection for a period of 20 years, and your rate will remain level for the entire duration of that 20 year term.

Also, the amount of life insurance protection stays the same each year for the 20 year period of time.

However, if you outlive the 20 year term, your life insurance policy expires and no death benefit is paid out on the policy. This is one reason term life insurance costs a lot less than permanent life insurance protect...
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Coverage length for a life insurance policy means the length of time that your life insurance policy will stay In effect - how long you will have the life insurance coverage. 

Usually, the coverage length of a life insurance policy is referring to how long the policy will stay in effect at a level premium (level meaning the premium is guaranteed not to go up).

The life insurance coverage length assumes that premium payments are made on time and if a policy loan is taken from t...

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Guaranteed issue in a life insurance policy means that you will not be turned down for coverage any reason, regardless of any health condition.  

Most life insurance policies go through full underwriting, which is where the life insurance company decides the degree of risk involved with insuring your life. For example, are you healthy and expected to live a long life or do you have health concerns that could potentially shorten your life expectancy?  

With a guaranteed issue li...

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If your life insurance policy lapses, it means that your life insurance coverage has ended.

In order to reinstate your life insurance policy coverage you will have to prove that your health has not changed, and pay any life insurance premiums due.

If that is not possible, you will have to get a new life insurance policy with life insurance rates which would be based on your current health and age.

Learn more about a lapsed life insurance policy and what that means.

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Guaranteed level term life insurance is life insurance that is guaranteed not to go up in price, or down in death benefit, for the entire term of your life insurance policy.

For example, if you took out a guaranteed level term life insurance policy of $1,000,000 for a 26 year term at a rate of $80 per month at age 26, you would be paying the same premium annually at age 55 as you were at age 26.

If you passed away any time during those 30 years, your beneficiary would receive ...

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Life insurance quotes are an estimated cost of your life insurance policy.

You can request life insurance quotes online, or by contacting a local life insurance agent, or calling a life insurance company direct.

In order to get an online life insurance quote you visit a life insurance website, fill out a quote request form, and instantly receive the lowest rates for life insurance from a network of highly-rated life insurance companies.

Life insurance quotes and quick, easy and convenient. You c...
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