Philadelphia-based Lawrence (“Larry”) Koresko serves as the president of Insmax Insurance Brokerage, Inc. In this capacity, Lawrence Koresko offers clients various types of insurance, including term life insurance.
Term life insurance refers to a policy that lasts for a predetermined period of time, often lasting 5, 10, 20, or 30 years. If policyholders die during the term, the beneficiaries of the policy receive the value of the policy. However, if policyholders complete the term, there is no payout.
Many people choose term life insurance because it is relatively inexpensive compared to permanent or whole life insurance policies. Premiums typically do not change over the course of the term, making it a predictable option for those on a fixed income. Proceeds from term life insurance do not belong to the probate estate, meaning that beneficiaries receive payments immediately. Term life insurance is also an attractive option for younger people seeking low-cost temporary life insurance until their family obligations increase.
