What Does The Term Mean In Term Life Insurance?
- 1165 POINTSview profileChris AbramsFounder, Abrams Insurance Solutions, Inc., San Diego, CAThe term is the duration of time that the coverage lasts. If you have a 10 year term, that means that the coverage and premium are guaranteed for 10 years. Term insurance comes in 10, 15, 20, 25 and 30 year terms. At the end of the term, you may be able to convert your policy to permanent insurance or continue the insurance, but at a much higher premium.Answered on June 1, 2013flag this answer
10968 POINTSview profileTim WilhoitOwner, Your Friend 4 Life, Brentwood TNThe term in term life insurance is the term or time period a life insurance policy is in force at a given price. Once the term is up the coverage will either expire or have a significant rate increase in order to keep the policy in force. Term is also known as temporary life insurance and is well known for it's very affordable premiums.Answered on July 3, 2014flag this answer
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