Example of Term Life Insurance
For instance, John is a 35-year-old father of two young children. He wants to ensure that his family is financially protected in case something happens to him. John decides to purchase a 20-year term life insurance policy with a death benefit of $600,000.
Coverage and Premiums:
- Coverage Amount: $500,000
- Term Length: 20 years
- Premium Payment: $2,500 per month