Useful Terms and Definitions

What is Term Life Insurance?

Workings:

• Premiums are paid for a specific time
• Coverage remains level for a specific period (i.e. 1- 5 -10 and 20 years)
• Premiums will increases at every renewal period
• You can also purchase Term 100 insurance coverage

• Initially premiums may be lower
• May be the lowest short term cost
• It is considered to be the highest long term cost