The most cost effective life insurance is term insurance, this insurance provides coverage at a fixed rate of payments for a specific number of years. After that period expires, coverage at the previous rate of premium is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the insured dies during the term, the death benefit will be paid to the beneficiary. In simple words term insurance is similar to leasing a car or an apartment, you can use insurance coverage for a specific term only. Term policy offers protection for 10 year, 20 year and some policies offer life benefit as well (Term 100).
Advantage of Term Insurance
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- Allows to start an insurance protection at low cost, some policies do provide a conversion option at later date when client can afford the premiums (Young people, new immigrants can be benefited with such policies) without any medical examination etc.
- Best solution for specific short term insurance needs, such as mortgage, loan etc.
- Some term plans provides permanent insurance at a low premium as compared to whole life insurance plans.
- Term insurance also offers an option to renew at maturity, upon payment of a higher premium, without having to submit medical justification or other evidence of insurability.
- Some Term insurance offers an option to convertible when you can convert it into permanent insurance without having to submit evidence of insurability.
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- Allows to start an insurance protection at low cost, some policies do provide a conversion option at later date when client can afford the premiums (Young people, new immigrants can be benefited with such policies) without any medical examination etc.
- Best solution for specific short term insurance needs, such as mortgage, loan etc.
- Some term plans provides permanent insurance at a low premium as compared to whole life insurance plans.
- Term insurance also offers an option to renew at maturity, upon payment of a higher premium, without having to submit medical justification or other evidence of insurability.
- Some Term insurance offers an option to convertible when you can convert it into permanent insurance without having to submit evidence of insurability.