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Term life insurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments and conditions. Most plans give you the option of being able to convert to a whole life plan regardless of any health conditions. Term insurance is very popular due to being able to purchase a much larger amount of insurance at a lower premium. Although a whole life (cash value plan) if affordable will actually cost less in the long run due to the cash value buildup. Term plans are available from 1 year term, 5 year, 10 year, 15, 20, 30 and even some 40 year plans.
Another option to consider may be a term plan with a return of premium option. (see ROP term life)
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