Each week we will post and define an industry term or concept for our readers.
Because September is Life Insurance Awareness Month, we thought we'd participate with a related Concept-of-the-Week post.
Term insurance provides life insurance protection for a designated number of years - anywhere from one to thirty. It accumulates no cash values and expires with no value at the end of the term; however, it is less costly than permanent forms of insurance. As a benefit, term insurance can be written as renewable or convertible - meaning the policy can be renewed or converted (to permanent insurance) without proof of insurability.
Please let us know how we may help with your life-insurance questions.