WHAT IS TERM LIFE INSURANCE?

Term Life Insurance provides protection for a specific period!

Term Life Insurance as the name implies is of a temporary nature. It is like leasing or renting. As long as the rent is paid and until the lease is over you have the legal right to use the property, similarly... Term Life Insurance provides coverage for a specific period of time or term as long as you pay the premium. If the insured person dies while the term insurance is in effect, the insurance company pays the beneficiary the insured amount. However, once the term is over and if the policy is not renewed, the coverage ceases. If death occurs after the coverage is over, the beneficiary will not get any benefit. You could get Term life Insurance for 5, 10, 20 or 100 years. The most common Term Life Insurance today is level term (level means the death benefit and the premium stays the same) and until the term life insurance is renewed the death benefit and premium remains the same. Convertible Term Life Insurance Policy could be converted to a Permanent Life Insurance plan within the age limit specified in the policy if the policy is active. Renewable term insurance could be renewed up to and until the age limit specified in the policy, provided the policy is active.

Term life is cheaper!

It is cheaper because the insurance company only charges the cost of insurance for this kind of temporary insurance. The cost of insurance for term insurance is determined at the time of purchase based on age, smoking status and other risk factors, and the monthly or annual premium determined remains level for the period or term the client chooses, and at renewal the premium increases to the pre-determined amount as indicated in the original policy. The contract between the policy holder and the insurance company ensures the policy is renewed as originally agreed irrespective of the current health conditions of the insured as long as the policy remains active. http://www.insuranceprotection.biz/products/term_life_insurance.html

Term life insurance is a low cost financial solution!

Term Life is cheaper compared to permanent life policies, and this is an ideal low cost financial solution for short term needs such as outstanding Mortgages, debts, children’s education and other expenses etc. It also could be used for key person & buy-sell agreement in partnership business. http://www.inspro.ca/

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