What is it? Term life insurance is written for a specified period. The policy holder pays only for the cost of protection against death. No cash value is built up as a retirement fund as in whole life insurance.
Term insurance is usually far cheaper than whole life. This gives policy holders the option and freedom of using their savings and disposable income for other forms of investments like the stock market, mutual funds, or even savings bonds.
In the case of accidental death, if you are insured, your loved one, or friend - your beneficiary - still receives full benefit or payment, equal to the value of the policy.
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