Term life insurance

(redirected from Term Life Insurance Policy)

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 ?
Haven Life's unique solution allows consumers to apply for and, if approved, begin coverage on a fully underwritten term life insurance policy in about 20 minutes.
Limited Tenders are invited for Limited Tender Tender Enquiry For Renewal Of Group Term Life Insurance Policy For The Period From 20 10 2015 To 19 10 2016
The earliest documented term life insurance policy was issued in 1583 in London for a period of 12 months on the life of William Gybbons.
However, because the conversion feature in William's term life insurance policy allows him to convert his term insurance to a whole life insurance policy with a cash accumulation feature after he's successfully filed a claim under the policy's waiver of premium rider, he can continue to accumulate money without additional outlay by his family.
The business can take out a life policy on that individual - normally, a term life insurance policy.
This option allows the insured to access the settlement market using their current term life insurance policy and realize the proceeds of the settlement for a variety of purposes, including newer, more appropriate insurance coverage.
Finally, situation 3 addresses the tax implications of the sale of a term life insurance policy.
Additionally, Michelle, who is the highest wage earner in the family, contributes $86 per month to a $1 million term life insurance policy.
While these plans augment the protection they offer with such extras as withdrawal options, dividends and surrender value, a term life insurance policy is pure protection.
used his home computer to p urchase a $500,000 term life insurance policy.
The employee typically contributes the cost of a simple term life insurance policy with an equal benefit and the company pays the rest.