Helping Clients with Term Insurance Services

Term insurance life insurance as name explained is an insurance product which provides coverage for a specific period of time. This is the cheapest way to protect you against any temporary liability you have. If the insured dies within that specified time insurance company will pay the coverage amount to designated beneficiary in the policy. Term insurance policies do not have any cash value like permanent insurance policies. There are various term options available which can be chosen from Term 10, 20,30 or 40. For all the terms premium will be level for that specific time period.

Types of Term Insurance:

• Level Term - Death benefits will remain same for the specific term
• Decreasing Term - Death benefits will decrease during the period of term
• Renewable Term - insured has the option to renew the policy for another term
• Non Renewable Term - Once the term expires there will be no coverage for insured
• Convertible Term - These kinds of policies give an option to the insured to convert these policies into permanent life insurance policies without providing any proof of insurability.
• Non Convertible Term - These kinds of policies do not give any option to insureds to convert these policies into permanent life insurance policies.