Term Insurance Cost
Definition of "Term insurance cost"
Low-cost life insurance providing coverage only for a limited time, such as one year, five years, or to age 65. Term insurance costs less at younger ages than a comparable amount of CASH value life insurance, or permanent insurance, which covers the remaining life of the insured. Term insurance has become increasingly popular; it costs less because there is less likelihood that an insured will die during the term, whereas with cash value insurance, a policy must pay off whenever a policyholder dies. However, the premium for term insurance increases dramatically as an insured grows older, but the premium for permanent insurance usually remains level throughout an insured's lifetime.
Popular Insurance Terms
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Section of a policy specifying: parties to the contract (the insurance company and the person or business to be insured); terms of the policy when it goes into force, and when it ends; ...
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Rules stating that every administrator of a qualified pension plan, profit sharing plan, section 401 (K) plan salary reduction plan), section 403(b) plan, and stock bonus plan must provide ...
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