Term insurance is the cheapest form of life insurance because it’s temporary and expires after a specified term.
If you purchase term life insurance, both you and the insurance company are hoping that you will outlive the temporary life insurance contract.
After a certain age or health status, the life insurance company can refuse to reinsure or renew your term life insurance contract.
Term Life Insurance is usually not available for you when you need it the most, which justifies the lower costs.
Universal and Whole Life Insurance are Permanent Life Insurance products that can not be canceled as long as you pay your premiums.
Your premium is the annual or monthly payment you send to the life insurance company.
People typically purchase permanent life insurance to avoid the common problems associated with term life insurance.
If you live in Ontario, Canada, and need help or a free quote for life, travel, home, renters, or auto insurance.
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