How Insurance Works

What is Term Life Insurance? FAQs with Tobin


It’s promised and fixed for the whole term length So if you got a policy for 20 years and it was $30 a month For $500,000, then you’re promised that that price will never change During that 20 years and the insurance company can not do anything to touch it They can’t cancel it, they can’t modify it in any way Once you’ve gotten your offer from them You’ve secured an offer and you’ve accepted it Their hands are tied, they’ve promised you the money As long as you pay premiums you’ve got it And they can’t change the price on you Everything stays the exact same until that 20 years is up and then you either reapply if you have a need for life insurance say the mortgage you just move into a new house you’re paying a mortgage payment for longer than you thought you might Then you just buy another policy at that time and for that promised period of time It’s the same thing that you’ll have those promised payments that never increase and you’ll get a payout in that time if you pass away.


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