Definition: The term "quote term life insurance" is a type of life insurance that is sold as an individual's policy, rather than purchased from a company or broker. In this type of insurance, the policyholder provides information about their financial situation to an insurance agent or company representative in order to determine what premiums they may need to pay. The quote term insurance policy then specifies the amount and the period (i.e., time period) during which the policyholder's premium will be paid out. The specific details of a quote term life insurance policy depend on the policyholder's personal situation, such as their age, health status, income, and savings, among other factors. The policyholder may also choose to receive their premiums in cash rather than in a lump sum payment, depending on their financial goals and circumstances. Overall, quote term life insurance is designed to provide coverage for an individual or family member who needs to make a decision about the amount of their future income and savings when they are no longer able to pay out their policy terms.
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