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What is Term Life?

Term Life is used as a short expression referring to term life insurance. It is a benefit provided by a life insurer that pays term life insurance death benefits in the event of the death of covered person. The term life insurance benefit is, at the choosing of the recipient almost always paid as a single sum. He or she can instruct the insurance carrier to pay the term life benefit as a series of payments from the term life policy.

Why do people need term life and why did the life insurance industry develop it. The development of term life was to insure, for a predetermined period or "term" (that's the reason we call it term life) the human life value of the covered person financially; the revenue producing ability that is necessary for a family or company to be financially viable. The reasons consumers acquire term life insurance are because of family obligations such as children, a home mortgage or other home equity loan obligation, credit card or other loans or debts, funeral expenses and/or business reasons which necessitate immediate and perhaps ongoing funds at the insured's death.

Term life is the simplest form of coverage in the life insurance industry. There is no cash value accumulation loan value. Term life is a temporary policy and is understood even better when compared to permanent types of life insurance such as whole life, variable life and universal life.

You can view your term life quote in seconds simply by answering a short list of questions. Spectrum Direct's term life quote engine develops an immediate display of term life companies and term life rates. We encourage you to get a term life quote now.

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