Itemize key points related to owning term life insurance. |
There are many aspects to owning term life insurance that you need to know. First, term insurance could be a requirement to secure a loan on borrowed funds. It can also be purchased to protect against future income loss of the insured, lifestyle expense obligations like mortgages, credit loans, or final expenses. With term insurance, beneficiaries receive the proceeds tax free. In addition, term insurance offers the lowest initial premium for a given amount of coverage and is designed for limited time periods. Consequently, less than two percent of all term policies result in benefits paid - making the best day financially to own term insurance is the first day you get it. |
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