What Is One Year Term Life Insurance?
Short-term life insurance is a type of life insurance policy that offers coverage for one year. In the event of your death within that one-year period, the policy will pay out a death benefit to your beneficiaries. This coverage is ideal for people who are just starting out with life insurance or who need to fill a temporary gap in their coverage. One-year life policies start at just $7 per month, with coverage levels going up to $200,000.
|Benefits of One Year Term Life Insurance||Details|
|No Exam||No medical exam means you can get your policy in just minutes. Simply answer a few basic health questions.|
|Low Cost||You can get a short-term life insurance policy with $50,000 of coverage starting at just $7 per month.*|
|Great Coverage||Coverage for your loved ones in case you pass away starts at $50,000 and can go up to $200,000.|
One-year, short-term life insurance coverage works just like a standard term policy, except that it’s only in effect for one year rather than 10 or more years. If you pass away during the year of coverage, your beneficiaries can file a claim for your policy’s death benefit, and they may use the payout dollars however they wish — to help pay off debt, cover end-of-life expenses, or pay for everyday costs.
If you’re looking for longer-term coverage, you can compare rates of term life insurance policies with 10-, 15-, 20-, and 30-year terms. The younger you are when you purchase a policy, the cheaper your premium will be.
In conclusion, one-year, short-term life insurance is a flexible and affordable way to obtain life insurance coverage. It is especially suited for individuals who are just starting out with life insurance or those who need to fill a temporary gap in coverage. If you have additional questions or need help deciding on the best life insurance policy for your needs, Progressive Answers is your resource for all things life insurance.