Business / Taxes / Term Insurance: A term life insurance policy provides a guaranteed death benefit for a set period of time, such as five, ten, or 20 years, provided you continue to pay the premiums as they are due. At the end of the term, the coverage ends unless you renew the policy or switch to another one. Term life insurance policies have either a level term, which means that the annual premium remains the same for the life of the policy, or a graduated term, which means that the premium is smaller in the early years and grows larger each year. In most cases, level term policies cost less if you keep the policy in force for the entire term. Term policies don’t accumulate a cash value, so you get nothing back if you end your coverage before the end of the term. However, term insurance may be less expensive than a permanent policy providing the same coverage, although the cost of coverage increases as you get older.
Insurance Verb Synonyms: assurance, surety, indemnity, indemnification, guarantee or guaranty, warranty, bond, security, protection, cover
Term Noun Synonyms: name, title, designation, appellation, word, expression, locution, phrase
Term Adjective Synonyms: sitting, stint, session, course, incumbency, administration
Business / Taxes / Convertible Term: A convertible term life insurance policy can be converted into a permanent life policy at some point in the future without requiring you to pass a health screening exam. A convertible term policy is g MORE
Business / Finance / Reinsurance: The spreading of risk and division of client premiums among insurance companies allowing the sharing of the burden of a large risk. MORE