Term Life Insurance
What is Term Life Insurance?
Term life insurance is a type of life insurance scheme. Term life insurance is a life insurance that is provided for specific time duration on specified payments. That time duration may be 5 years, 10 years, 15 years or 20 years. There is no cash value built up in the term life insurance policy. Term life insurance is the most easy life insurance scheme for everyone. Once the term life insurance policy is matured, you will have to renew the policy. For making renewal of the term life insurance policy, you have to pay more than you paid previously.
Term life insurance policy only covers the general expenses like burial expenses, immediate bills etc.
A term life insurance needs to consider these factors –
1. Premium or payment to make
2. Protection benefit
3. Time duration of Term life insurance
What are the types of Term Life Insurance?
There are 3 types of term life insurance –
1. Level Term Life Insurance
2. Annual Renewable Term Life Insurance
3. Mortgage Term Life Insurance
Level term life insurance has time duration of more than 1 year. In this type of term life insurance policy, the premium remains consistent for every year.
Annual renewable term life insurance is a term life insurance policy that is for 1 year and after every one year, this policy is renewed.
Mortgage term life insurance is a term life insurance policy where the premium amount is equal to the amount of mortgage, so that in case the policy holder dies, the mortgage can be paid.
We offer you all types of life insurance policies along with taking care of your ease. You can trust our business as your trustworthy life insurance services provider. You can apply for life insurance online or by phone or directly at our office.