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What is Term Insurance?
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By: Kade Phillips, contributing writer at Kanetix.com.

Term insurance is short for term life insurance. Also, people sometime say "term life". These are different ways of referring to a popular and simple type of life insurance and all mean the same thing. The purpose of life insurance is to insure the economic value of a human life; the earning power provided for a family or business. The reasons people buy life insurance are because they have children, a mortgage, other loans or debts, final expenses and/or business responsibilities that require cash in the event of their death.

Term insurance is life insurance that is provided for a pre-determined period of time. When you buy term insurance, you can typically select from 5, 10, 15, 20, 25 and 30 year policies. Older individuals may sometimes not be offered the longest terms but, generally speaking, term insurance for 5 or 10 years is available to those among us who are somewhat advanced in years.

Term insurance is the most easy to understand kind of life insurance. It has no cash value or loan value. Term insurance is pure death benefit protection and, for that reason, is the lowest cost type of life insurance policy.

If you need coverage for a known time period, for example, the years during which children are at home "in the nest", to cover the family home and the mortgage balance owed on it or to provide for the repayment of a business loan or other debt in the event of your death; then term insurance may be the solution for you.

By contrast, there are permanent types of life insurance in addition to term insurance. Whole life insurance, variable life insurance and universal life insurance all provide cash value and loan value. They are more expensive and complex than term insurance.

You can get a term insurance quote right now online. To get an instant term life insurance quote simply enter your date of birth, gender, state of residence and a few health details at www.AmericanLifeDirect.com or www.LibertyDirect.com . You will view your instant life insurance quote showing the pricing for each term you qualify for.


Kade Phillips is a contributing writer at Kanetix.com.
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