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Term life insurance

Term life insurance is the simplest and least expensive type of insurance, as it pays benefits only upon the policy holder's death. With annual renewable term insurance, the policy holder pays a low premium at first, which increases annually as he or she gets older. With level term insurance, the premium amount is set for a definite number of years, then increases at the end of each time period. Experts recommend that people who choose term insurance make sure that their policies are convertible, so that they can switch to a cash-value plan later if needed. They also should purchase a guaranteed renewable policy, so that their coverage cannot be terminated if they have any kind of health problems.

Term insurance typically suitable for younger people with children and limited funds who are not covered through an employer. This type of policy enables such a person's heirs to cover mortgage and college costs, estate taxes, and funeral expenses on his or her death. It is a pure risk cover for a particular period of time. This means that the sum assured is payable only if the policyholder dies within the policy term. For example, if a person buys Rs 2 lakh policy for 15-years, his family is entitled to the money if he dies within that 15-year period.

If he survives the 15-year period, he is not entitled to any payment; the insurance company keeps the whole premium paid during the 15-year period. So, there is no aspect of savings or investment in such a policy. It is a 100 per cent risk cover. It purely means that a person pays a certain premium to protect his family against his sudden death. He forfeits the amount if he lives longer than the period of the policy. This clarifies why the Term Insurance Policy comes at the lowest cost. However, nowadays there are few Term Insurance products which give you certain portion of money even if people survive the term period.

BenefitsClick to expand

Term Life Insurance has the following advantages

1. Helps to Settle Loans

Loans are generally repayable over a period of years. When an insured takes a loan for car or house or other movable and immovable properties he is under the responsibility to repay it over a period of time. During such circumstances an insured can take a term loan in order to ensure that his dependents have sufficient cash to repay them in the event of his unexpected death in that period.

2. Flexible Duration

This is the only type of life insurance policy whereby an insured can insure his life for a period small duration like one year. This type of lenience will help the insured to properly plan and assign the sum required to make the payments. In the absence of such flexibility the insured will be enforced to oblige with the time limits set by the company for the respective policy.

3. Less expensive

Even though term insurance premiums increase over a period of time they are still considered inexpensive when compared with other kinds of policy. Cheap term life insurance does not mean that the consumer will lose quality or benefits. This can help the customer even to save money in the initial stages which he/she normally pays in other policies. On the contrary when the premiums are increased the insured will be able to make use of the cash mounted up to pay the remaining premiums. In the meantime the earlier deposits would have earned interest as well. Therefore the customer will be able to obtain cheap life insurance quotes.

4. Suitable for Satisfying Particular Requirements

Term insurance is not only useful for settling loans but also for others particular requirements. Suppose a person wants to build a house or fund his child's education in an expensive university he can place targets and invest in a term insurance for that particular period. This will help him to meet critical events which would have otherwise been very difficult.

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