TOLI Meaning and
Definition
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TOLI is an acronym that stands for "Term of Life Insurance." It refers to a type of life insurance policy that provides coverage for a specified term or period. The term can range from a few years to several decades, and it is agreed upon by the policyholder and the insurance company.
A TOLI policy typically offers death benefit protection to the designated beneficiaries in the event of the insured person's death during the term of the policy. If the insured person passes away within the term, the beneficiaries receive the agreed-upon death benefit payout.
Unlike whole life insurance or permanent life insurance policies, TOLI does not accumulate a cash value over time. It is solely designed to provide a death benefit during the specified term. If the term expires without any claims being made, the policy ends, and no payout is provided.
TOLI policies are often chosen by individuals who want life insurance coverage for a specific period, such as to protect their mortgage or provide financial support for their dependents until they reach a certain age. The premiums for TOLI policies are typically lower than for permanent life insurance policies due to the limited coverage period.
It is important for individuals considering a TOLI policy to carefully review the terms and conditions, including the length of the term, death benefit amount, and any potential renewal options. Consulting with a knowledgeable insurance professional is recommended to ensure the policy aligns with the individual's needs and financial goals.
Common Misspellings for TOLI
- 6oli
- t0li
- tfoli
- ytoli
- tyoli
- 6toli
- t6oli
- 5toli
- t5oli
- tkoli
- tpoli
- t0oli
- to0li
- t9oli
- to9li
- tolji
- tolij
- tolik
- tol9i
- toli9
- tol8i
- toli8
- ttoli
- twoli
- t oli
- tol i
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