Term insurance is a life insurance product, which offers financial coverage to the policyholder for a specific time period. In case of death of the insured individual during the policy term, the death benefit is paid by the company to the beneficiary.

Life insurance is a contract in which you pay premiums, and in return your beneficiary receives a lump-sum payout when you die. Your beneficiary can use the money to pay for things like daily expenses, a mortgage, your kids' education, medical bills and other expenses.

You may want term coverage to help replace your income for a number of years or pay off any debt you may have, like a mortgage or car loan. A USAA Level Term policy also includes features designed for active-duty servicemembers.

United Services Automobile Association USAA stands for United Services Automobile Association.

Types of Term Insurance

• Renewable Term. Renewable term plans give you the right to renew for another period when a term ends, regardless of the state of your health.
• Convertible Term. Convertible term policies often permit you to exchange the policy for a permanent plan.
• Level or Decreasing Term.
• Adjustable Premium.

This will offer protection against any mishaps in the future. Coverage for Terminal Illnesses -Term insurance plans can give you lump sum payouts in case of diagnosis of terminal illnesses2 such as AIDS.

This cash component accrues interest and grows according to the type of policy. It is important to reiterate that cash value is not a feature of term life insurance. Cash value is a feature of these types of permanent insurance: Whole life insurance.

Advice

• Shopping Discounts. Save with member discounts on travel, shopping, home solutions and more. View shopping and discounts.
• Early Direct Deposit. see note 1 Get paid a day early when you set up direct deposit.
• Share Your Benefits. Pass your USAA legacy to your spouse and children so they can join, too.

A term life insurance policy is the simplest, purest form of life insurance : You pay a premium for a period of time – typically between 10 and 30 years – and if you die during that time a cash benefit is paid to your family (or anyone else you name as your beneficiary).

Compared to other large insurers, USAA's average annual full coverage rates are cheaper than other companies. However, USAA sells policies only to active and former military members and their families.

With monthly fee-free checking and savings accounts, generous ATM fee policies, an APY coming standard with every checking account, and many tools and programs created to help customers avoid overdrafts and meet their financial goals, USAA offers a complete package of good banking practices.

A term life policy is a contract between you and an insurance company for a defined period, typically between 10 and 30 years. During that term, you promise to pay a premium each month. In return, the company promises to pay a specific amount of money – a death benefit – if you pass away during the term.

Why choose term insurance plans? Term insurance plans offer financial security for the entire family in case of the unfortunate death of the policyholder. Also, you can get optional coverage for critical illnesses or accidental death. You are covered for a long duration, while the premiums are affordable.

Term insurance plans offer financial security for the entire family in case of the unfortunate death of the policyholder. Also, you can get optional coverage for critical illnesses or accidental death. You are covered for a long duration, while the premiums are affordable.

The main benefit to level term life insurance is that it is very affordable, with low monthly premiums and the ability to cover you for the period of time most important to you. Your beneficiaries can use the death benefit to pay for anything from a mortgage to education expenses.

The average cost for a million-dollar life insurance policy is anywhere from approximately $50 to more than $1,000 a month, depending on your age, health, annual income, policy type and other factors.