Additionally the insurance pays for a specific amount

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of time. Additionally, the insurance pays for a specific amount to beneficiaries if the insured dies before the end of the policy term. Moreover, one can extend the coverage for the next policy term, as this type of insurance is sometimes convertible to whole life insurance. Besides, there is temporary insurance cover that expires at the expiration of the policy term if not it is renewed. Term insurance is classified into two primary types, namely decreasing term and level term insurance. However, the level term is the most sold term insurance today because it pays the same benefits amount in case of death at any period during the policy duration. According to the Insurance Information Institute, the basic types of level term protection include “the 5-year
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Surname 2 renewable term, yearly renewable term, 30-year term, 25-year term, 20-year term, 15-year term, 10-year term, and term to a specified age, usually 65 years.”
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Surname 3 Works Cited Insurance Information Institute. “What are the Different Types of Term Life Insurance Policies?” iii. Org , 2018, . Accessed 23 Oct. 2018.
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  • Spring '16
  • Term life insurance, time of term life insurance

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