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Add extra benefitsTerm Insurance
Term insurance is a life insurance which covers the policyholder financially for a specific period of time. Unfortunately, if the policyholder dies then the death benefits are paid to the beneficiary by the company. Either a lump-sum amount is provided to the beneficiary in the beginning or it can be a combination of monthly amounts and lump-sum one. Term insurance is a type of life insurance that provides coverage for a specified period, or "term," such as 10, 20, or 30 years. If the insured person passes away during this term, their beneficiaries receive a death benefit, which is typically a lump sum of money.
Key features Term Insurance
Coverage Duration
Term life insurance offers coverage for a specific period. If the insured survives the term, the policy expires without any payout.
Premiums
Premiums for term life insurance are typically lower than those for permanent policies. This is due to the temporary nature of the coverage.
Simplicity
Term insurance is straightforward and easy to understand. It's a popular choice for affordable, temporary coverage, for a mortgage.
No Cash Value
Term life insurance does not build up cash value over time. Unlike permanent policies, offers protection without any investment component.