For many Life Insurance can be intimidating. Term Life Insurance is very simple. Term Life Insurance provides the most amount of coverage for the least amount of cost. With Term Life Insurance, you will have to qualify for coverage. You do this by filling out an application, your current and previous health condition. Insurance companies have different tiers of rating. Most commonly, there are Premier, Preferred, Standard and Sub Standard ratings. Or you may be denied.
If you qualify for term life insurance, you will have the life insurance coverage for a certain term period of time. The most common term periods are 10 or 20 years. If you qualify for this insurance, you will have the coverage for the term period, 10 or 20 years. The rates will stay the same during that time period. If you die during that time, your beneficiaries will receive the death benefit. At the end of the term period, you will no longer have that coverage. It is temporary life insurance.
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