These policies provide protection for a period of time such as 10, 15, 20 or 30 years. Generally, this is the most affordable type of insurance, it is designed to meet temporary needs. If the Insured individual passes away within the period stated on the policy the life insurance carrier pays the death benefit to the beneficiaries.
2. High Levels of Coverage
3. Coverage is for a period of time
4. Monthly Payments do not change
5. Payout doers not change
6. Protection ends
7. Only addresses the concern of premature death.
1. Protection that will last
2. Cash Value
4. Can address more concerns then just premature death
5. Initially more expensive