Term Life Insurance
Life insurance is basically bought to replace one’s income in case they die; the money will cater for debts and day to day living costs of family members. A good example is where you and your partner own a home and it happens that you die, leaving your spouse to pay the outstanding mortgage on their own. Suppose you were already on a term life insurance plan, your spouse will benefit a great deal from the policy in terms of money to clear or pay part of the mortgage, minimizing the stress involved. Term life insurance policies are the most popular plans in the field of life insurance since they are cheaper compared to other plans.
Basics of Term Life Insurance
Once you buy a term life insurance policy, the insurance company owes your beneficiaries a certain amount of money might you die while the policy is still valid.