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What is Term Life Insurance?

Term Life Insurance is a policy provided by a life insurance company that promises payment of a term life insurance death benefit in the event of the death of the insured. The term life insurance death benefit is, at the discretion of the beneficiary usually taken as a lump sum although he or she can choose to accept the term life insurance death benefit as a series of payments from the term life insurance policy.

The rationale for term life insurance is to insure, for a designated period or "term" (that's why it's called term life insurance) the human life value of the insured in financial terms; the income generating power which is important to a family or company. The purposes for which we buy term life insurance are because of children, a home loan obligation, other loans or debts, funeral expenses and/or business commitments that require cash in the event of the death of the insured.

Two types of life insurance exist; term life insurance and permanent life insurance.

Term life insurance is issued for a specific period known the "term". Usually, term life insurance is available in a 10, 15, 20 and 30 year term life insurance policy.

Permanent life insurance is available as whole life insurance, variable life insurance and universal life insurance. These differ from term life insurance in that they are issued for the entire lifetime of the insured. Spectrum Direct can provide you with both term life insurance and permanent.

Spectrum Direct constantly monitors the most important term life insurance company information to provide you with the term life insurance quote that is based on low cost, high quality and excellent service term life insurance.

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