Life Term Insurance

Life Term Insurance is insurance that is only valid for a very specific time period. This time period is often referred to as the contract time or the "term". Term insurance has advantages and disadvantages when compared to a whole life insurance policy. The most obvious advantage of term life insurance is the greatly reduced cost. In most cases you can get a term life policy for far less than an equivalent whole policy. However life term insurance also has it's drawbacks. Probably the greatest drawback is it's lack of residual value. With term insurance you either recieve the entire policy amount or absolutely nothing. There is no interest accrued with the money you pay for your premiums and there is no survival value either. If you quit making payments then your policy is terminated.

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