Helpful Facts about Term Life

The more you know about term life, the better your policy decision will be. Here are some helpful facts you should know as you shop for term life insurance quotes.

• Term life does not accumulate cash value over time. Unlike permanent life insurance, term life does not accrue cash value over time. In other words, once your coverage period expires, your policy has no further value. If you are looking for a life insurance policy that doubles as an investment vehicle, you might look at permanent life insurance instead of term life insurance quotes.
• Death benefits are usually received tax-free. Most term life insurance quotes are on policies that will pay your beneficiaries a death benefit that is tax-free. That is, your loved ones will not have to pay income tax on the proceeds of your term life insurance policy.
• Term life premiums increase with age. Though term life insurance quotes are initially the lowest of all types of policies, the premiums on this type of policy will increase with age. This means that your policy might become unaffordable later in life. You can switch to a permanent life insurance policy that has consistent premiums if your term life insurance quotes offer a conversion option.

For more information or answers to questions you may have, look through our frequently asked questions and the answers that we have given.