Term life assurance provides critical insurance cover to the insured if he dies during the term of the policy at a fixed amount of premium and does not require medical examination. The cover is only effective if the policy holder dies within the term of the policy, like within twenty years, otherwise no benefits are payable after the expiry of the policy. Read this article to find more on this insurance.
Who should take up this policy?
The policy can be taken by any individual to guarantee a continuous income for his dependencies to pay for their day-to-day financial needs after he dies. It is suitable to low income earners who cannot afford to take other life policies because the premiums are relatively low.
Benefits of term life assurance
Source of income
Term life assurance cover is a source of income to the policy holder's dependencies if he dies during the term of the policy.
Guarantee a decent life
The policy guarantees the beneficiaries a decent life after the death of the insured and they will be able to meet all their day-to-day expenses like food, accommodation, paying rates and school fees.
Easy to claim
It is easy to claim the money after the death of the insured and it is paid directly to the beneficiaries as stipulated by the policy.
No medical examination is required
The policy does not require medical examination as pre-requisition information for life assurance quotes.
Online quotations Term life insurance quotations and instant insurance cover can be obtained and finalised online from various life companies on a 24-hour basis. Fixed premiums Term life rates and the premiums charged on this cover are constant throughout the term of the policy, thus making it easy for budgeting and long term planning. Additional cover Some policies cover life critical illness and pay for funeral expenses other than paying after death only. Cheap insurance It is relatively cheaper as compared to other life products such as whole life insurance and endowment cover.
No premium refund The benefit of the policy is enjoyed if the insured dies during the term of the policy, otherwise there are premium refunds on the expiry of the policy. The insured may either renew the policy for another specific period or choose not to.