Reader’s Question:
What does it mean when they say term in term life insurance? Is it similar to a term in the university, for example? Will the definition hold true in Orlando Florida FL?
Jorge
Orlando, FL
No, Jorge, a term referred to in term life insurance is usually longer than a term in college or university. Although I seem to remember when I was in college that there were really terms or semesters that didn’t seem to end, you know what I mean? They just seem to drag on and on and on and it just really would not stop! Luckily it was just the a product of my very active imagination, or probably more a product of my boredom and it eventually ended, I graduated and here I am now, talking to you Jorge of Orlando Florida FL.
Term life insurance, the cheapest of all existing life insurance, comes in terms which can be a year, five years or ten years. Other insurers in Orlando Florida FL may even offer twenty year term life insurance plan, or even thirty. The term describes how long the life insurance policy will be in effect and the life insurance policy will cease to be effective after this term - in which case, all benefits are nullified. To state it more directly, if you don’t die after the term, you will not get any benefit at all.
Term life can be upgraded or converted to whole life or universal life if the policy holder so wishes. To get free quotes for term, whole or universal life insurance, simply enter the zip code on the space you see on this page.
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