A term life insurance policy provides temporary protection for a specified period, such as 10, 20, or 30 years, and does not accumulate cash value like whole life policies. Term life insurance is often renewable, but premiums typically increase with each renewal. It is designed to provide coverage for a set period, offering financial protection if the insured passes away within that term.
[Reference: Virginia Life, Annuities, and Health Insurance Code, Section 38.2-3220 (Term Life Insurance), , ]
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