Term+life+insurance

Type in the content of your new page here. 1. Term life insurance is a pure death benefit, its primary use is to provide coverage of financial responsibilities, for the insured. Such responsibilities may include, but are not limited to, [|consumer debt], [|dependent care], [|college] education for dependents, funeral costs, and [|mortgages].

2.The simplest form of term life insurance is for a term of one year. The death benefit would be paid by the insurance company if the insured died during the one year term, while no benefit is paid if the insured dies one day after the last day of the one year term. The premium paid is then based on the expected [|probability] of the insured dying in that one year.

3.The low payout likelihood allows term insurance to be relatively inexpensive. The low payout percentage is a combination of there being a low likelihood (in the [|aggregate]) of a random, healthy person dying within a short period of time. Because of the low likelihood of an insurer having to pay a death benefit, term insurance seems better when considered in terms of coverage per premium dollar basis - by a factor of up to 10.

Question: What happens if they want to borrow money out of there life insurance