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term life insurance

Term Life Insurance refers to a traditional life insurance policy, set to expire at a specific date. This type of policy provides a specific stated benefit should the policy holder die before a set term. Should the holder live past the stated date, the policy will expire unpaid.


At or before expiration, the policy holder may decide whether or not to renew the policy. If renewed, the insurance company may renew the conditions of the policy.

Term-life is opposed to permanent-life, which extends expiration of the policy until the policy holder dies - and has a savings component which will accumulate value over time.


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