Term Insurance: A Simple Guide
Term insurance is one of the simplest and most affordable types of life insurance. It provides coverage for a specific period or "term," offering financial protection to your loved ones in case of your untimely passing. This type of insurance is straightforward and ideal for those who want to ensure that their family is financially supported after they’re gone. In this blog, we’ll explain what term insurance is, how it works, and why it’s a great option for life insurance. What is Term Insurance? Term insurance is a type of life insurance that covers you for a fixed period, usually between 10 to 30 years. If something happens to you during this term, your family or beneficiaries receive a lump sum payout, known as the death benefit. If you outlive the policy term, the insurance doesn't pay out any benefit, and the coverage ends. Benefits of Term Insurance Affordable Premiums : One of the biggest advantages of term insurance is its affordability. The premi...