1. 63333 POINTS
    Peggy MacePRO
    Most of the U.S.
    A Term life insurance policy is one that will have the same premium for a set number of the years in the term. Some Term life insurance will guarantee that the premium will not go up for the entire term; other Term life insurance will guarantee that the premium cannot go up for part of the term. E.g. 30 year Term life may be guaranteed not to go up in price for the full 30 years, or it can be guaranteed not to go up for 20 of the 30 years and "hope" that it won't go up the last 10 years.

    Term life insurance does not have any cash value. If you quit paying on Term life, it will end after one month.
    Answered on May 10, 2013
  2. 0 POINTS
    David RacichPRO
    Fountain Hills, Arizona
    Think of term life insurance as temporary protection against economic liabilities for a family or business. T.E.R.M. = Temporary Expense Reimbursement Money. Term life insurance is a guaranteed premium and death benefit coverage for a certain period in time. Most term life insurance coverage is guaranteed and generally offered in five year increments: 5, 10, 15, 20, 25 and 30. A few companies actually allow you to customize your guaranteed period of coverage with certain limitations on age and product offering. 

    Answered on May 10, 2013
  3. 4330 POINTS
    Jerry Vanderzanden, CLU, ChFCPRO
    Co-Founder, Coastal Financial Partners Group, California
    Term life insurance tends to expire before the insured does.

    Term is best for temporary needs. We always encourage clients to consider permanent (cash value) life insurance for needs that may last longer than 10-30 years.

    Keep in mind the risk of buying the wrong product. If the term policy will or may run out when needed the most, you have lost one of the essential benefits of buying life insurance, peace of mind. A life insurance professional can help with assessing needs and matching them up with the right solutions.
    Answered on May 10, 2013
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