What is Temporary Insurance?
Answer:
Temporary insurance is also known as term insurance.
It is designed to cover your temporarily for the term that you have chosen.

For example, if you want to purchase life insurance to provide coverage to your family in case you die while your children are still depending on you, you might only buy a 20 year long life insurance policy. Once the children are grown and on their own, the need for life insurance declines.

By buying a temporary policy, you are buying coverage to meet your expected insurance needs during that time. Once the term ends, you no longer have insurance. This doesn’t mean that you can’t renew the term policy if you want or your needs have changed. If you reach the end of the term and want to renew, you may be able to but you will likely pay more and you may need to pass a medical exam.

Temporary insurance usually costs less than permanent insurance, making it an attractive piece of protection for certain time periods. These policies do not grow a cash value like many of the permanent types of life insurance policies do.
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