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Will Our Term Life Insurance Policy Grow in Value Over the Years?
Is our term life insurance policy going to grow in value over time. So that if we buy a $200,000 policy today it will grow to be, say, $300,000 in 20 years.
I have done a lot of research into types of life insurance in the last several weeks. Some policies combine investing with insurance coverage and some are insurance coverage only. The term insurance policy is the most basic, simplest and cheapest coverage offered. It is simply coverage against the risk of death for a specific number of years. It is known as temporary coverage. The common lengths of coverage are 5 year term, 10 year term, 15 year term, 20 year term, 25 year term and 30 year term. Even up to a 30 year term is considered temporary coverage against the risk of dying any time during the policy term. The common coverage amounts range from $50,000 to $5,000,000. With the most basic form of term life insurance the payment stays fixed for the length of the contract. The payout amount stays fixed also. So if you purchase a $200,000 term insurance policy today and it is for a term of 20 years, the pay out amount on the death of the insured individual a month after the policy goes into effect is $200,000. The pay out amount on the death of the insured individual 19 years after the policy goes into effect is $200,000. The policy expires after 20 years and there is no remaining value of any amount at that time. So a basic term insurance policy remains fixed in most all aspects from the first day until the end of the term.
So get term insurance quotes for as many variations of coverage amounts and length of term as you need to decide what you want to go with knowing terms and conditions will remain constant throughout.
