Term insurance

Term insurance

Term insurance is a variant of the life insurance policy that provides death benefits with a cheap insurance plan in case an unfortunate event should occur during the term specified in the policy. This can reduce the expenses occurred during the term and may also offer an option of setting up savings account.

How does it work?

Based on the policy duration - which can cover for period between 5 -30 years if the insured person dies within the period of the policy, the Death Benefit will be paid to the family. If not, no claim can be realized for the person or the family. Some Term insurances may have slightly higher premiums in its advanced years with factors such as Age, value of money and additional costs that maybe attached for a longer coverage period.

Types of Term insurance

  • Level Term: This the most frequently used insurance terms. The prominent feature of this insurance is that the rate and coverage amount remain the same throughout the period of the policy. The longer the term of the premium is for, the higher premium you will receive.
  • Decreasing term: This type is slightly different from the level term. The decreasing term life insurance covers a term with level rates, coverage amount decreases each year over the times you policy proud each year during the policy period. If death occurs during the period of the policy, your dependents are paid a lump sum amount.
  • Annual Renewable Term: This sub-type offers a coverage period that requires annual renewal with increasing rates each subsequent year. This is the cheapest option and implies that the insurance policy will realized if the insured dies during the time period of the policy.

Ask yourself if you…

  • Want a short commitment?
  • Want a lower premium?
  • Won’t have many expenses at the end of the term?
  • Do not care of building cash value?
  • Want a high amount of coverage?

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