| A term life insurance covers a person for a | | | | of one to hundred years. If it is a one-year policy, |
| substantial period of life, such as ten, twenty or | | | | then the cost of coverage is greater. If the policy is |
| thirty years. A person has to pay premiums, or | | | | extended, then the cost of coverage rises. In general |
| insurance rates, on the term life policy during this | | | | cases, a term life insurance policy can be taken until a |
| period. Supposing the person dies within the life of | | | | person reaches 75 years of age. For policies going |
| the policy, then the value of the policy is provided to | | | | beyond that period, the term insurance rates or |
| the beneficiary. | | | | premiums are considerably higher, and it makes |
| - Term Insurance | | | | better sense to select a whole life insurance policy. |
| Term life insurance policies have a serious | | | | There are many kinds of term life insurance policies |
| disadvantage. If the person remains alive when the | | | | based on the coverage they provide. Of these, the |
| policy tenure comes to an end, there can be no claim. | | | | five popular types are flat rate cover, decreasing |
| There will be no monetary benefits at the end of the | | | | cover, family income benefit, increasing term |
| term. This implies the money paid as premiums is | | | | assurance and convertible term assurance. The flat |
| wasted. | | | | rate cover is the most popular, as it has a fixed value |
| - Term Insurance | | | | of term insurance policy rates that are determined |
| A term life insurance policy can be made for a period | | | | from the beginning. |