What is Life Insurance?
Life insurance pays out a sum of money either on the death of the insured person or after a set period of time.
What is Term Life Insurance?
Term Life Insurance provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the life insured dies during the term, the death benefit will be paid to the beneficiary. Term Life Insurance is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time.
Contact Leonard Financial Solutions to learn more about term life insurance quotes and select the right life insurance for you.
Pros and Cons of Term Insurance