Term Life Coverage

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Term Life Coverage A type of insurance coverage that lasts for only a specified period of time and has a defined ending date. Term insurance plans offer financial security for the entire family in case of the unfortunate death of the policyholder. Also, you can get optional coverage for critical illnesses or accidental death. You are covered for a long duration, while the premiums are affordable. A term life insurance policy is the simplest, purest form of life insurance: You pay a premium for a period of time typically between 10 and 30 years and if you die during that time a cash benefit is paid to your family (or anyone else you name as your beneficiary). The money can be used to help pay for things like a mortgage, education costs of children or their everyday expense. Term life insurance offer more affordable premium as compared to whole life insurance. Whole Life insurance plans offer maturity values subject to payment of all due premiums of the policy, however, pure term plans do not give any returns. Surrender value: If you surrender a term plan, your life cover ceases. With a term policy, underlying illnesses would raise your premiums, as well as your age. That said, if your term policy had a conversion option, you might be able to turn it into a whole life policy. But that will cost more. Who Should Buy Term Insurance? parents, young workers, newly-weds, working women, retirees, self employed. Get a term life insurance policy to; to protect your family, protect your assets, cope with new lifestyle risks. The right time to buy a term insurance plan is as soon as you can. The chances of getting lifestyle diseases increase as you age, and so do insurance costs. When you invest in a term plan at a young age, you get an insurance policy at an affordable premium. Hence, it may be advised to invest in term life insurance when you are young. This will save a lot of money in the long run. Moreover, it will also provide you and your loved ones with extended coverage and financial security from an early age. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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