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Term Life Insurance

The Los Angeles Term Life Insurance Specialists

As Term Life Insurance Experts in Los Angeles, we realize the typical ‘terms’ for a term life insurance policy might be 10 years, 20 years, or longer. However, term life insurance can cover almost any length of time, and some policies are renewable on an annual basis. Three common classifications of term life insurance policies are level, mortgage, and annual renewable. While a level insurance policy refers to any term life insurance policy covering a period of more than a year, a mortgage term life insurance policy is set up to cover the life of an insured individual’s mortgage loan.

An individual might opt for a term life insurance policy to protect his or her children when they are young or to allow for payment of a huge expense such as a mortgage or college tuition in the event of an untimely death. If an insured individual does not die within the term specified in the term life insurance policy, he or she would usually receive nothing. Because term life insurance policies do not accrue cash value over time in the same way that whole life insurance does, the premiums are lower for a term life insurance policy.

The ‘face amount’ or cash value of the term life insurance policy in the event of the death of the insured can vary throughout the policy term. Some types of term life insurance typically feature a declining face value. For example, a mortgage life insurance policy often involves payment of the outstanding amount of an individual’s mortgage loan upon death. As such, the face value of the policy gradually decreases throughout the term.

Do you have questions about term life insurance? Call Family First Insurance Solutions in Los Angeles at 877-797-6066 and we will gladly assist you.