Term life insurance characteristics include temporary protection, renewability, and no cash value, making it a cost-effective option for coverage.
Term life insurance is characterized by temporary protection, renewability, and no cash value. Unlike whole life insurance, term life insurance does not accumulate savings but provides coverage for a specified term.
Term life insurance is an inexpensive option that offers protection against premature death without building up cash value. Premiums for term life policies are typically lower compared to whole life policies due to the absence of cash value accumulation.
Term life insurance premiums may increase every year, so it's essential to understand the terms of the policy and explore different options based on age and health factors.
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