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What Is Temporary Life Insurance?

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Summary: Temporary life insurance, also called term insurance, is a policy that stays in effect for a set term of time in order to provide death benefits as long as the policy is in effect. Purchase a term life insurance policy if money is tight, due to the inexpensive nature of term insurance, with advice from an insurance broker in this free video on life insurance.

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By Vic Schumacher, eHow Presenter

Vic Schumacher is part of HPE Financial Services, a brokerage insurance company representing all major carriers. He works with businesses, families and individuals, helping them to...read more

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Video Transcript

"Hello, my name is Vic Schumacher, the company is HPE Financial Services. The question today is what is temporary life insurance? Temporary life insurance is called term insurance. And the term is the length of time that you want this policy to be in effect. As an example you might have a two hundred and fifty thousand dollar benefit, a death benefit. The term of the policy is safe for twenty years. And at the end of that term, at the end of the twenty years, the policy goes away. It has covered you as the insured for that twenty year period of time, in the event of a death, the two hundred and fifty thousand dollars would be paid to the beneficiary. Term policies do not build cash value. They are inexpensive and anybody can have a term policy of any particular age. It is the least expensive way to have the benefit paid in the event of your death. It is probably the best way to handle something or a family who is tight on money and trying to make sure that in the event of something happens, this family is taken care of. My name again is Vic Schumacher, the company is HPE Financial Services, helping people everyday."

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