Скачать или смотреть IMPORTANCE OF TERM INSURANCE | SAHIL GUPTA #5

IMPORTANCE OF TERM INSURANCE | SAHIL GUPTA #5 #investment #sjwealthplanner #personalfinance #shorts


What Is Term Life Insurance?
Term life insurance, also known as pure life insurance, is a type of life insurance that guarantees payment of a stated death benefit if the covered person dies during a specified term. Once the term expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the term life insurance policy to terminate.

Term life insurance guarantees payment of a stated death benefit to the insured's beneficiaries if the insured person dies during a specified term.
These policies have no value other than the guaranteed death benefit and feature no savings component as found in a whole life insurance product.

Term life premiums are based on a person’s age, health, and life expectancy.

Depending on the insurance company, it may be possible to turn term life into whole life insurance.

You can often purchase term life policies that last 10, 15, or 20 years.

When you buy a term life insurance policy, the insurance company determines the premiums based on the policy's value (the payout amount) and your age, gender, and health.

If you die during the policy term, the insurer will pay the policy's face value to your beneficiaries. This cash benefit—which is, in most cases, not taxable—may be used by beneficiaries to settle your healthcare and funeral costs, consumer debt, or mortgage debt, among other things.

However, if the policy expires before your death, there is no payout. You may be able to renew a term policy at its expiration, but the premiums will be recalculated for your age at the time of renewal.

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