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Incorporating Term Insurance into Your Financial Plan
Incorporating Term Insurance into Your Financial Plan
What is Term Insurance?
Term Insurance protects you for a limited number of years (Example: Term 10, Term 20, or up to a specific age)
Upon passing if in force, typically beneficiaries receive a lumpsum, tax free, death benefit
Upon passing if expired, no payment is made to your beneficiaries
Depending on your policy, there could be options to renew or convert to permanent life insurance with no medical examination
Varying Cost
Typically, term insurance is more affordable than permanent insurance
Age as a factor, often the younger your age the lower the rate
Amount of coverage, more coverage is typically more expensive
Be sure to review and revisit the specific terms of your policy on a regular basis