Definition: Term Life Insurance Rate: Term life insurance rates are a type of life insurance policy where the premiums paid are typically based on the term length, rather than the amount of money you receive at death. This means that when you pass away, your beneficiaries would receive a fixed benefit regardless of how much was spent on your life or whether you had any savings left. The definition of 'term life insurance' is a type of insurance policy that covers death for a specific period of time (usually 10-20 years), typically based on the length of the term. The premium paid for this plan depends on the amount of money you receive at death. If your beneficiaries are expecting to receive a large sum, they may need to pay more premiums than if you were expected to receive a smaller amount. The word 'term life insurance rate' is simply how much it costs to purchase and receive coverage under this type of policy. It can vary depending on the specific terms and conditions offered by the insurer or plan, as well as your individual circumstances. Please note that term life insurance policies may have other features such as a death benefit formula, surrender value, and benefits over various periods, which are not covered in the above definition.
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