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Term life insurance is probably the simplest and most affordable type of life insurance available. Generally speaking, it pays death benefit to the beneficiaries if the insured died within a specific period of time the term. The length of the term varies; it can be as short as 1 year, or as long as 40 years.
If you have limited budget, need temporary life insurance protection, have specific business need, or have added financial responsibilities for a given period of time, term life insurance is right for you.
However, this type of life insurance builds no cash value, and the protection will be terminated at the end of the term unless the policy is renewed. Furthermore, the premium generally increases with insureds age. Level-premium policy is available to lock the premium at a fixed level throughout the policys full term.
Term life insurance and permanent life insurance both have pros and cons, consult with our agent to choose the best one for you.
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