Term Life Insurance

Term life insurance generally refers to the original form of life insurance and it offers pure protection and does not build any cash value. Term life insurance can be the cheapest way to buy a death benefit plan on a coverage amount based upon per premium dollar.
In case of term life insurance, the proceeds are forwarded to the designated beneficiary and he/she gets shielded from the financial crisis after an insured individual’s death. The simplest form of term life insurance is usually for a single year. Usually, the premium amount of term life insurance is less than that of permanent life insurance.

There are different insurance brokers and insurance agents who provide term insurance quotes of the leading term life insurance providers. These quotes can be of immense help while initiating comparative analysis.
Term life investment policies: The main goal of investment policies is to promote capital growth against periodical payment or premiums
Protection Policies: Term life insurance offers benefits and lump sum payments whenever any specific event takes place.
In case of a life insurance contract, three parties are present: The insurance company, the policyholder and the insured individual. However, in most of the cases the policyholder and the insured person are same.

The most important features associated with term life insurance are as follows:
Face Amount (Death benefit )
Premium payable (Cost to the insured person)
Duration of Coverage (Term or tenure of the term insurance coverage)
The different types of term life insurances are as follows:
Annual Renewable Term: The most basic type of term life insurance. In general, the term remains for one year
Level Term Life Insurance: It is popularly called Guaranteed Level Premium Term Life Insurance
Term Life Insurance with Return of Premium (ROP): It has certain similarities with permanent life insurance with durations of 15, 20 or 30 years
Term Life Insurance No Exam: The insurance buyer does not require medical examination to get the coverage

 

      While applying for a term life insurance it is necessary to have a clear insight about the term life insurance claim process.

 

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