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Life
Insurance
Policies of life insurance agree to pay a designated
beneficiary a set amount of money if the policyholder dies. The
most popular type of policy is term insurance. It covers death
during a limited term of years. The typical terms are one year,
five years, ten years or twenty years. Generally, the policies
are renewable. This means that at the end of the term, the insured
can renew the policy for another term without medical review. Some
carriers may offer a lower rate and require medical review to renew
a term policy.
A waiver of premium rider may be purchased. If you
become totally disabled, you will not be required to pay the premium
for life insurance during the term of the disability. The coverage
will continue.
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