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What is Term Life Insurance?

Is there a difference between Life Insurance and Term Life Insurance? Some people think they are the same, but they're not. The two types of life insurance are very different. Learn why and when you should use one over the other.

Why should I get Life Insurance? For obvious reasons, term life insurance is the most common type. You pay premiums for a specified period of time and receive death benefits at the end of the term. In the event of your death, the insurance company pays out the amount you have paid in premiums.

What exactly is the difference between term life insurance and cash value Life Insurance? Cash value Life Insurance has a set dollar amount that is guaranteed upon death. That means if you die, the company gets their money back. The premiums are not refundable. Cash value Life Insurance has higher rates of interest, may take longer to pay out the death benefit, and is less flexible than traditional Term Life Insurance.

How much can I expect to pay for Life Insurance? Unlike a home mortgage, the premiums for life insurance are relatively low. The average cash value Life Insurance policy pays out a small percentage of your death benefit upon your death.

If I declare bankruptcy on my life insurance policy, can it be canceled? No, there is no way to cancel a term life insurance policy once you purchase it. A standard policy only lapses if you die, so there is no way to cancel a policy.

What happens if I die on my term Life Insurance? The insurance company will continue to pay out the death benefit until the policy lapses. Once the policy does lapse, the money will be taken from your beneficiary.

If I declare bankruptcy on my Life Insurance Policy can my family members claim the money? Unfortunately, it is not possible to cancel a Life Insurance policy once you have purchased it. To claim the death benefit of your policy, your estate must file a claim with the Insurance Department.

Term Life Insurance is a popular type of insurance. Learn more about this type of insurance and why you should get Life Insurance.

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Life insurance policies described, quoted, shown and illustrated throughout this website are not available in all states and may include those issued by: Allianz Life Insurance Company of North America, Minneapolis, MN and Allianz Life Insurance Company of NY, New York, NY are both members of Allianz Insurance Group, Minneapolis, MN; American General Life Insurance Company, Houston, TX; The United States Life Insurance Company in the City of New York, New York, NY, member companies of American General Life Companies; Assurity Life Insurance Company, Lincoln, NE; Aviva Accordia Life is a subsidiary of Global Atlantic Financial Group, West Des Moines, IA; Aviva Life and Annuity Company of New York, Melville, NY; American National Insurance Company, Galveston, TX; AXA Equitable Life Insurance Company (New York,NY); Banner Life Insurance Company is a subsidiary of Legal & General Group, Plc, London, UK; Legal & General America, Frederick, MD; Banner Life Insurance Company, Urbana, MD; William Penn Life Insurance Company of New York, Garden City, NY; Equitable Life and Casualty Insurance Company, Salt Lake City, UT; Fidelity Life Association, A Legal Reserve Life Insurance Company, Oak Brook, IL; First Central National Life Insurance Company, New York, NY and Household Life Insurance Company, Detroit, MI, member companies of HSBC Insurance; Genworth Life and Annuity Insurance Company, Richmond, VA and Genworth Life Insurance Company of New York, New York, NY, only Genworth Life Insurance Company of New York is admitted in and conducts business in New York, member companies of Genworth Financial, Inc.; Gerber Life Insurance Company, White Plains, NY; Great West Life and Annuity Insurance Company, White Plains, NY; Integrity Life Insurance Company, Cincinnati, OH and National Integrity Life Insurance Company, Goshen, NY are both members of Western & Southern Financial Group, Cincinnati, OH; John Hancock, Boston, MA; Liberty Mutual Insurance, Boston, MA; Lincoln Life & Annuity Insurance Company of New York, Syracuse, NY and The Lincoln National Life Insurance Company, Fort Wayne, IN, both insurance company affiliates of Lincoln National Corporation, whose marketing name is Lincoln Financial Group; MassMutual Life Insurance Company, Springfield, MA; First MetLife Investors Insurance Company, New York, NY, MetLife Investors USA Insurance Company, Irvine, CA and Metropolitan Life Insurance Company, New York, NY, all three members of the MetLife family; North American Company Life & Health, Chicago, IL and North American Company Life & Health of NY, Garden City, NY are both members of Sammons Financial Group, Chicago, IL; Principal Life Insurance Company, Des Moines, IA; Protective Life and Annuity, Birmingham, AL; Minnesota Life, St. Paul, MN; Pruco Life Insurance Company, Newark, NJ and Pruco Life Insurance Company of New Jersey, Newark, NJ, member companies of Prudential Financial, Inc., Newark, NJ; Prudential Financial, Newark, NJ; ReliaStar Life Insurance Company, Minneapolis, MN, ReliaStar Life Insurance Company of New York, Woodbury, NY and Security Life of Denver Insurance Company, Denver, CO, member of the ING VOYA family of companies; Securian Life Insurance Company, St. Paul MN; Symetra Life Insurance Company, Belluvue, WA; Transamerica Life Insurance Company, Cedar Rapids, IA; First Symetra National Life Insurance Company of New York, New York, NY; Vantis Life Insurance Company, Windsor, CT.

 

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