Download
1 / 5
50 likes | 59 Views
Term insurance is a pure life insurance product that provides financial protection in the event of the demise of the life insured during the policy term. Term plans are designed to financially secure the breadwinner’s loved ones should he or she pass away. Click to know more
E N D
Term insurance is a type of life insurance policy that provides coverage for a certain period of time, or a specified "term" of years. If the insured dies during the time period specified in the policy and the policy is active, or in force, then a death benefit will be paid.
This implies that the death benefit will only be paid by the insurance company only if the insured person dies within the coverage period of that year. Return of premium option in Term insurance plans offer to return the total premiums paid by you during the term of the policy in the event you outlive the plan.
Term life insurance. ... If the life insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is typically the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time
Term Insurance is the cheapest form of life insurance that provides full financial coverage for a defined period of time. ... In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured's death. • Term life insurance pays a death benefit to your beneficiary if you die within the policy's term. Otherwise, it does not have any cash value. ... Once the policy has accumulated enough cash value, you can use it to pay premiums, or you can borrow against the value
