Definition: Good Term Insurance (also referred to as "Term Life Insurance") refers to an insurance policy that allows its insured to receive a payment in lieu of death or permanent disability of their life within a specified time period following a specific event such as a term, accident or illness. The term 'good term' in this context means that the policy is designed for individuals who want to receive a payment based on their lifespan rather than their actual age. This typically involves providing coverage until the insured's death, provided they are still actively working and contributing to the household. The 'term' of a good term insurance policy refers to the length of time specified by the insurer, which can vary from one year to as long as 50 years or more. The specific period might be determined by the insurer based on factors such as the insured's age, health history, and financial stability. Good term policies offer a range of benefits that depend on the policy type and the level of coverage provided. Some examples include: - Long-term Term Insurance: This type offers a higher premium but provides longer lifetime coverage with less lifetime payments. - Short-term Term Insurance: This type typically has shorter lifetime coverage, but also offers lower premiums, as well as more flexibility to change policies at any time. The 'good term' insurance policy is often seen as an excellent option for individuals who want to receive a payment in lieu of death or permanent disability while still maintaining their financial security and independence. However, it's important to note that not all good term policies are created equal, so it's always advisable to carefully consider the specific features of each policy when making a decision about whether to purchase it.

good term insurance