Term Insurance Cost
Definition of "Term insurance cost"
Low-cost life insurance providing coverage only for a limited time, such as one year, five years, or to age 65. Term insurance costs less at younger ages than a comparable amount of CASH value life insurance, or permanent insurance, which covers the remaining life of the insured. Term insurance has become increasingly popular; it costs less because there is less likelihood that an insured will die during the term, whereas with cash value insurance, a policy must pay off whenever a policyholder dies. However, the premium for term insurance increases dramatically as an insured grows older, but the premium for permanent insurance usually remains level throughout an insured's lifetime.
Popular Insurance Terms
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Trust in which rights to make any changes therein are surrendered permanently by the grantor. The grantor uses this type of trust to transfer assets and any potential depreciation out of ...
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Coverage for property that moves from location to location from the perils of fire, lightning, explosion, windstorm, earthquake, collapse of bridges, flood, collision under one of the ...
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