<script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-3297454850587592"
crossorigin="anonymous"></script>I know what you must be thinking, what is a term policy?
A term policy is a type of life insurance that is temporary. That means you are covered for a specific period of time. Also, premiums for a term life policy are some of the lowest. This can be a good option to purchase if your income is limited.
For instance, if you purchase a 30-year term life insurance policy when you are 20, you will have a low monthly premium. However, the premium increases as you get older. So, the premium for a 30 year old purchasing insurance will be higher than for a 20 year old.
Also, since term insurance is temporary, it only covers you for a specific period of time. That means a 30 year term policy ends at the end of the 30 year period and you will no longer have that coverage.