Term Insurance
A term insurance is temporary and an affordable life insurance policy that offers financial coverage for a specific term. It protects the beneficiary of the policy holder after death of the policy holder. A term life insurance protection can also be used to fund your child’s education, pay mortgages and more during your lifetime.
Advantages
- Least expensive life insurance available
- Can be converted to permanent life insurance at any time
Disadvantages
- Term insurance is temporary and has expiry date
- Does not accumulate investment, cash back or cash value
- Might be harder to renew this type of insurance if there is health issues
- It will be much more expensive to renew