Term life insurance is a policy that is aimed to pay a cash benefit at the time of the insurer's death. The term life insurance benefit paid out is to support any relatives / dependents, and also cover any funeral expenses. Basically with life term insurance, there are only 2 types of policy: -
Term life insurance
Cash value life insurance
Term life insurance is considered the most affordable type of life insurance. Term life insurance - you pay a premium for a the term of the policy. If you die during this time, cash will be paid to your relatives. But be aware if you die outside of this term no patout will be made.
When purchasing term life insurance, you must look at a variety of term life insurance companies to compare their & benefits. Also in these days of litigation you should check their rating to ensure they have a solid financial backing.
