Life insurance is the only type of insurance that insures against an event that is certain to happen: death.
Insurance, by definition, indemnifies the beneficiary of the policy when an event occurs such as a fire, robbery, injury, illness, etc. Life insurance is the only type of insurance that insures against an event that is certain to happen: death. If a life insurance policy is kept in effect long enough, it is guaranteed to pay a claim. Term life insurance, like the name implies, will pay a stipulated amount (called the face amount) if death occurs within a certain period of time, or term. The term can be 1, 5, 10, 15, 20, 25, 30 years or even longer if structured properly. Plans are typically labeled as 10-year term, 20-year term, etc. Premiums remain level for the stipulated term and typically increase dramatically thereafter.
What do these labels mean? Aren’t all 10-year, 20-year, 30-year term plans the same? The internet is loaded with websites, including our own online quote engine that provide instant rates.
It is important to know how the rates are determined so you are not misled. Some factors are obvious: age, gender, health (both personal and family), tobacco/nicotine use, and avocations. These will determine your risk class.
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