Term life insurance is a generally considered as a low cost and convenient type of life insurance policy in the market. That's the reason, many people purchase it for a specific period of time by keeping the needs and affordability of premium amounts in mind. But, term insurance can be costlier any other way if there is no proper case study on choosing product.
Generally, there are various types of term life insurance policies and they falls into following main categories:
- Term Insurance Policy- It is a uniform cover through out the term selected and premium costs are very low.
- Decreasing term Insurance Policy- The risk cover amount decreases over a period of time.
- Convertible Term Insurance Policy- It has an option to convert term insurance policy into endowment or whole life policy.
Choosing which one is the better term insurance for you is the first step towards goal. If you understand the various types of term insurance polices, you will gain the some ideas of each policy. Then, you can easily realize what type of cover exactly you need in your life. For this purpose you can take the help of consultant or surfing online for information, it will be much easier to make decision.
In the current scenario, there are various term life insurance plans are available in the market. But many people face the problem to choose suitable cover for their needs. Nowdays, insurance companies and private websites provides the tools and calculators. And more for your convenience, it also allows you to compare various plans at a time with no cost.
Term life insurance is a simple and purest form of life insurance cover that can be purchased for only specified period of time 5, 10, 15, 20 and 25 years. The beneficiaries will receive the sum assured as a death benefit at the event of unfortunate death of life assured during the policy term. (Habib Antule)