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Investment Term For The Day - Term Life Insurance
Manage episode 329917709 series 2956461
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Term life insurance, also known as pure life insurance, is a type of life insurance that guarantees payment of a stated death benefit if the covered person dies during a specified term.
Once the term expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the term life insurance policy to terminate.
These policies have no value other than the guaranteed death benefit and feature no savings component as found in a whole life insurance product.
Term life premiums are based on a person’s age, health, and life expectancy.
Depending on the insurance company, it may be possible to turn term life into whole life insurance.
Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support.
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Once the term expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the term life insurance policy to terminate.
These policies have no value other than the guaranteed death benefit and feature no savings component as found in a whole life insurance product.
Term life premiums are based on a person’s age, health, and life expectancy.
Depending on the insurance company, it may be possible to turn term life into whole life insurance.
Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support.
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