Term life insurance

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Term life insurance

A contract that provides a death benefit but no cash build up or investment component. The premium remains constant only for a specified term of years, and the policy is usually renewable at the end of each term.

Term Life Insurance

A life insurance policy that provides coverage only for a certain period of time. A term life insurance policy provides a benefit upon the death of the policyholder, but ceases to provide this benefit if he/she is still alive when the policy expires. Upon expiration, the policyholder may decide to renew the policy or let it lapse. If the policy lapses, the policyholder is not reimbursed for the premiums paid over the life of the policy. A term life insurance policy does not include some of the other benefits of a whole life policy, such as a savings component.
References in periodicals archive ?
Request for Proposal For Group Term Life Insurance Policy for IFCI employees Eligibility Criteria : License The bidder must have an IRDA license as on the date of submission of
Wymer Brownlee covers a portion of estate planning fees and a $25,000 group term life insurance policy, with no waiting period and at no cost to the employee, for every full-time team member.
With this option, employers would work directly with the insurance company to facilitate an annual renewable term life insurance policy.
A term life insurance policy will give financial protection to all those who are dependent on you, your parents, spouse and children when you are no longer a part of this world, especially if you are the primary breadwinner.
If they are more interested in having insurance primarily for the death benefit -- to help pay for college or eliminate debt -- a term life insurance policy that will provide for their family following the loss of income may be a better option.
Related: 6 reasons to convert that term life insurance policy
If you have a need for life insurance now - to protect your family or cover for a mortgage for example, take out a term life insurance policy today and the premiums you pay will forever be based on the information supplied at this point in time.
Buying a term life insurance policy with a conversion option is really important.
Eight in 10 Americans overestimate the price of a term life insurance policy, according to the Insurance Barometer Study.
It would cost a healthy 40-year-old woman about $60 a month to buy a $1 million, 20-year level term life insurance policy; less if you're younger and more if you're older.
Affordability should be less of an issue if critical illness insurance is purchased as a rider to a term life insurance policy. Hybrid life/CI solutions, like their long-term care insurance counterparts (life/LTCI), are growing in number to cater to middle market consumers for whom a single-purpose product is beyond reach.
As part of the succession plan, when I became sole owner of the company, I purchased a term life insurance policy. If something were to happen to me, a new owner (my son-in-law) would be able to buy my stock from my heirs and then be the majority owner of the company.