What You Get

Why You Need It

• To financially secure your family in the event of your passing
• High-risk cover

Term Life Insurance

This type of life insurance policy provides protection for a defined period of time – usually 10, 20, or 30 years. It is designed to financially help your family if you pass away during the specified term. Once the term ends, you can either renew it for another term, convert the insurance to whole life coverage or allow the policy to conclude.

Term life insurance only includes the guaranteed death benefit and no other features like savings or investments. The premium for this is largely based on your age, health, life expectancy, and the value of the death benefit that you opted for. Generally, the higher the death benefit value, the higher your premium will be.

As compared to whole life insurance, term insurance is cheaper because it is temporary and only provides a death benefit. The death benefit that will be received by your beneficiaries may be used to cover your funeral costs or mortgage debts. However, if the defined period you chose ends before your passing, your beneficiaries won’t be able to receive any cash benefit. Hence, you need to extend it to another term. If you do so, the premium will also be recalculated according to your higher age at the time of renewal.

Other Insurances