Term Insurance Plans

• Definition: Term insurance is a type of life insurance policy that provides coverage for a specific period, or "term," of years. If the insured person dies during the term, the death benefit is paid to the beneficiary.
• Coverage Duration: Term insurance policies typically last for 10, 20, or 30 years. Some policies may offer coverage up to a certain age, like 65 or 70.
• Premiums: The premiums for term insurance are usually fixed and are typically lower than other types of life insurance. Premiums may increase if the policy is renewed after the initial term.
• Death Benefit: The death benefit is the amount paid to the beneficiary if the insured person dies within the policy term. This amount is chosen at the time of policy purchase.
• No Cash Value: Unlike whole life or universal life insurance, term insurance does not build cash value. It is purely a death benefit product.
• Renewability: Many term policies are renewable after the initial term expires, but the premium may increase based on the insured’s age at renewal.
• Convertibility: Some term insurance policies can be converted to permanent life insurance within a specified period, without requiring a medical exam. This feature provides flexibility as life circumstances change.
• Affordability: Term insurance is generally more affordable compared to permanent life insurance because it only provides coverage for a set period and does not include a savings component.
• Ideal for Specific Needs: Term insurance is ideal for covering financial responsibilities that will diminish over time, such as mortgages, children's education, or income replacement during working years.
• Simple and Straightforward: Term insurance policies are typically easier to understand and purchase compared to permanent life insurance policies, making them a popular choice for individuals seeking straightforward coverage.


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