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• Term life insurance policies are state specific, and not all life insurance companies offer term life insurance policies to residents of all states.
• Term life insurance policies provide a death benefit to beneficiaries during the term of the policy only, and they have no cash value.
• All Term life insurance policies have a named owner, a named insured and named beneficiaries designations. These three different designations can be the same person, but in many situations they are not necessarily set up with the same designations. Which designation is most appropriate to use depends on different variables and situations.
• An individual or a company or a organization can be the owner of term policies on someone else's life only when he or she or a company or organization has an "insurable interest".
• Term life insurance policies usually offer the highest death benefit at the least cost versus virtually any other type of life insurance policy.
• The cost of a term life insurance policy is primarily, but not soley, a function of gender, current health, age and tobacco use status.
• Different life insurance companies offer similar type policies; however, the cost of the policies can vary widely from company to company.
• Term life insurance policies are typically issued for 5 years, 10 years, 20 years, or up to as many as 30 years in some states. The face value of the policy many be either decreasing or level during the policy term.
• Most term life policies are issued only after a medical questionnaire and in some cases only after medical tests.
• Many life insurance companies offer guaranteed renewable term life insurance policies. Effectively, once a policy is issued by the insurance company that policy is guaranteed renewable without a new physical, no matter your health condition, as long as the owner pays the premiums on time.
• The death benefit payable to a beneficiary upon the death of the insured is dependent on the claims paying ability of the issuing life insurance company.
• The death benefit payable to a beneficiary is income tax free, and in some case estate tax free, which is dependent on a number of factors.
• Some financial professionals feel from a financial value perspective the one should consider "BUYING Term Life Insurance and INVESTING the Difference" versus the purchase of other types of life insurance policies.