Advantages and Disadvantages of Term Life Insurance
Term life insurance is very popular and purchased by many because it is considered the more affordable type of insurance despite the fact that it expires without maturity. However, this type of insurance is normally renewable and it is non-taxable. Because term life insurance is not that expensive compared to other types of life insurance and since it is not permanent, it is best suited for people with temporary need of insurance. It is also for people who are just starting to work and are not financially capable to spend much on life insurance. Unfortunately, the amount of money insured can only be paid if the time of the death of the insured is within the specific term or period of time the policy is still in effect.