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Insurance Definition: TERM INSURANCE

By Compuquotes Team on March 27th, 2008

TERM INSURANCE:

Definition:

  • A form of life insurance that covers the insured person for a certain period of time, the term that is specified in the policy. It pays a benefit to a designated beneficiary only when the insured dies within that specified period which can be one, five, 10 or even 20 years. Term life policies are renewable but premiums increase with age.

Information provided by Insurance Information Institute

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