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The first term life insurance company was established in Philadelphia in 1759 in order to benefit the families of Presbyterian ministers.But one of the first life insurance policies to ever exist was recorded by the ancient Romans.
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This is life insurance that benefits a person or family in the event of a death of the insured during their term.
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The duration of the financial obligations you want to cover will generally determine how long your term life insurance policy should last.
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Any person can get this type of insurance, just in case something were to happen to them, but older people typically get this because they may feel their life wont last much longer, so they get this to protect their families after they pass away.
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Term life insurance is a less expensive life insurance option and a good choice when you are on a budget because it is temporary and only pays a death benefit to beneficiaries of the policy if the insured dies during the limited term of the policy
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You can get this type of insurance from most insurance companies, some being State Farm, Progressive and Liberty Mutual.
