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Life Insurance
How Term Life Insurance Works
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[QUOTE="jerianasmith, post: 335837, member: 106744"] Term life insurance is a type of life insurance policy that provides coverage for a certain period of time, such as 10, 20, or 30 years. If the insured person dies during the term and the policy is active, then the insurance company pays a death benefit to the beneficiary. The death benefit is a lump sum of money that can help the beneficiary pay for expenses such as funeral costs, debts, mortgages, education, and living costs. Term life insurance is usually cheaper than permanent life insurance, such as whole life or universal life, because it does not have any cash value or investment component. However, term life insurance also expires after the term ends, and the premiums may increase if the policy is renewed or converted to a permanent policy. [/QUOTE]
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