Term insurance and permanent insurance both provide coverage in the event of the death of the insured. The difference comes in the amount you pay out in premiums. I think it important that you know why there is a difference between term insurance and permanent insurance costs.
- Term Insurance
There are several different types of policies. For the sake of this discussion you need to see term insurance for what it really is. These policies provide protection for specific periods, thus they are temporary policies.
You can buy a term policy for 1 year, 5 years, 10 years, 15 years, 20 years, 25 years, 30 years or to age 65. Some carriers even provide up until age 80 or 90.
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