Term Life Insurance

Term (Temporary) Life Insurance (Term Assurance According to British English) provides Term Life Insurance Coverage for a specific time period for a specific amount of premium. Term Life Insurance is a policy, which has a specific limit of duration on the term of coverage.
After the expiry of the policy, it is entirely dependent on the decision of the policyholder that he wants to renew the Term Life Insurance Policy or he just wants the coverage to end. This type of Insurance Policy is entirely opposite in nature to Permanent Life Insurance. In case of Permanent Life Insurance, the duration is extended until the policyholder reaches the age of 100 years (death).

In Term Life Insurance , there is no cash value accumulation. Term Life Insurance is usually termed as Pure Life Insurance as because it provides Pure Insurance Protection.

In these types of policies, the benefits are provided to the beneficiary upon the policyholder’s death, provided that policyholder dies within a specific time period. Nevertheless, Term Life Insurance does not offer any returns more than the benefits that have been stated in the policy.
In case of Term Life Insurance, the premium is quite low because the Insurance Company and the policyholder concur that the likelihood of insured person’s death is improbable during the coverage term.

In Term Insurance, the following three main factors are considered:


  • Face Amount (Death benefit or Protection)
  • Premium payable (cost to the insured person)
  • Duration of Coverage (Term)


Term Life Insurance can be categorized into the following types:


Annual Renewable Term: It is the most basic type of Term Life Insurance. The term is one year.


Level Term Life Insurance: Also known as Guaranteed Level Premium Term Life Insurance. Here the guarantee is given that the premium will remain the same for a specific period of time. Generally, the terms are 10, 15, 20, and 30 years.


Term Life Insurance with Return of Premium (ROP):
It is quite similar to types of Permanent Life Insurance and it offers a Pure Death Benefit. The terms are 15, 20, or 30 years.


Term Life Insurance No Exam: In this Term Life Insurance Policy, the applicant does not have to appear for a physical examination for qualifying to get the coverage. The terms are 10, 15, 20, or 30 years.


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