Term Life Insurance Policy

Term Life Insurance Policy

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Term Life Insurance Policy

Term Life Insurance Policy definition:  A term life insurance policy pays beneficiaries a guaranteed amount if the owner dies during the term of the insurance contract. The policy provides coverage until an expiration date and then must be renewed. There is no cash value or investment earnings with term life insurance. The premiums for term life insurance are fixed for the term of the policy and typically less than whole life coverage. However, premiums can increase upon renewal when the owner has aged. Different provisions for renewability or conversion to whole life coverage can be inquired about with the insurance company. Beneficiaries are not taxed on their proceeds from a death benefit. However, life insurance policies may be included in the taxable estate depending on how they are structured.

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