Term Life Insurance

Term life insurance is the most affordable kind of life insurance; a large death benefit can be acquired at relatively little cost. Premiums are level for a fixed term at which point they increase. The coverage will eventually expire, usually at age 80 or 85. Term insurance is primarily used to pay off debts (especially a mortgage, refer below) and replace an income for dependents in the event of one’s premature demise. Businesses may also use term insurance to replace a key employee or buy out the estate of a deceased partner.