However, if the insured commits

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What is Term Life Insurance? A term life insurance contract is a contract between you and the insurance company that provides for a contractual obligation to pay a sum of money to your heirs upon your death. Most people think of term insurance as pure life insurance because it has no cash value or investment component. It’s good to know that term life insurance pays a death benefit for any cause of death, whether it’s accidental or due to illness, as long as the policy is in force.


However, if the insured commits suicide within the first two usa whatsapp s of coverage, no death benefit will be paid. How Does Term Life Insurance Work? When you purchase term life insurance, the insurance company determines the premium based on the term and death benefit you select. You will also be assigned a rate classification based on your age, gender, health, driving record, smoking status, occupation, hobbies, and family history.


All of this relevant information is collected during the application process, which usually includes a medical examination to assess your health. Once approved, the insurance company will immediately pay the policy's tax-free death benefit to your heirs if you die. Your beneficiaries can choose to receive the proceeds in a lump sum or in installments and can use the money in any way they choose, according to U.