These policies provide extra protection to help family members and loved ones deal with unexpected crises and the associated financial instability.
Term life insurance, or temporary insurance, covers a person against death for a limited time, the term. You pay for the policy period and at the end of the term, the contract or policy expires. If no claims are made against the policy during the term, you don't receive any benefits after the policy expires. There is no “accumulation” element.
Young families with large financial obligations are usually better off with term life insurance policies. The substantially lower premiums enable them to purchase sufficient coverage to protect against loss of income. Up to $50,000 value for all active employees included.
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