Term Insurance, Key points about Term Insurance

Term Insurance
Term Insurance is designed to provide financial protection to your beneficiaries in the event of your death during the term of the policy.

Key points about Term Insurance :
1. Duration:
Term insurance policies are typically available for terms ranging from 5 to 30 years, although some insurers offer terms of up to 40 or even 50 years.

Once the term ends, coverage ceases unless the policyholder renews the policy or converts it to a permanent life insurances policy.

2. Death Benefit:
If the insured person dies during the term of the policy, the insurances company pays out a death benefit to the designated beneficiaries.

This benefit is usually paid out as a lump sum, although some policies may offer other payout options.