Health and Life Insurance

Answer: A - Life insurance designed to provide protection for only a limited amount of time is called term life insurance. Term life insurance can be for a term from 1 to 10 years, however the face amount would be payable only if the insured individual dies during the time that specified by the term policy. If the insured individual outlives the limited term of the policy, then the insurance company is considered to have fulfilled their part of the contract. No payment or refund will be due the policy holder.