Life insurance provided through an employer is most commonly term insurance. Term insurance does not offer cash value buildup. Initially, premiums for term insurance are lower than for permanent insurance, which enables you to buy higher levels of coverage at a younger age. Term insurance is designed to cover needs that will disappear in time, such as mortgage or tuition payments. Some policies can be renewed at the end of the term, but premium rates will usually increase. Depending on the terms of the policy, premiums will remain constant or increase each year. Term insurance covers a defined period (one to 30 years) and only pays benefits if you die during the defined time. Term insurance provides protection for a specific period of time. There are two types of life insurance: term and permanent.
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