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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clause found in health insurance contracts that requires the insured to pay a specified percentage of the covered health care expenses. ...
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Professional designation earned after the successful completion of three national examinations given by the insurance institute of America (IIA). Covers such areas of expertise as ...
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Company offering protection through the sale of an insurance policy to an insured. ...
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Judicial rule of evidence under which no reduction in damages awarded by a court is allowed for bodily injury, sickness, illness, or accident merely because the plaintiff has other ...
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