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What is Term Insurance?

Term insurance is short for term life insurance. Also, people sometime say "term life". These different ways of referring to a popular and simple type of life insurance all mean the same thing.

Term insurance is life insurance that is provided for a decided-upon period of time. When you buy term insurance, you can typically select from 5, 10, 15, 20, 25 and 30 year policies. Older individuals may sometimes not be offered the longest terms but, generally speaking, term insurance for 5 or 10 years is available to those among us who are somewhat advanced in years.

Term insurance is the most easy to understand kind of life insurance. It has no cash value or loan value. Term insurance is pure death benefit protection and, for that reason, is the lowest cost type of life insurance policy.

If you need coverage for a known time period, for example, the years during which children are at home "in the nest", to cover the family home and the mortgage balance owed on it or to provide for the repayment of a business loan or other debt in the event ot your death; then term insurance may be the solution for you.

By contrast, there are permanent types of life insurance in addition to term insurance. Whole life insurance, variable life insurance and universal life insurance all provide cash value and loan value. They are more expensive and complex than term insurance.

You can get a term insurance quote right now online. The process is simple and it only takes a few minutes. A term insurance quote from Spectrum Direct will show the top insurance companies that sell term insurance as well as their term insurance rate.

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