What is Term Life Insurance?
Term life insurance is the most basic and the oldest form of life insurance, dating back to the 18th century. Among the various types of life insurance, term life insurance provides the lowest up front cost to acquire protection. Its name is derived from the way the insurance is designed, which is for terms of years. Those terms can be 1 year, 5 years, 10 years, and so on. The cost of the insurance and the death benefit are fixed for that term, so long as premiums are paid on a timely basis, according to the guidelines of the life insurance contract.
The Pros and Cons of Term Life Insurance