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Understanding Term Life Insurance

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Term Life insurance pays if the death occurs during the “term” of the policy, generally five to 30 years. Two types of term life insurance are available.

  • Level term where the death benefit stays the same throughout the duration of the policy as does the payment.
  • Decreasing term means that the death benefit drops over the course of the policy’s term. This type is commonly used to insure that a mortgage will be paid off in the case of a primary income earner.

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