Term Life Insurance at Life

Term Life Insurance. The term insurance meaning can be regarded as the agreement between the insurance company and the policyholder (life assured), where a specific amount is paid to the policyholder’s family by the insurer in case of an unfortunate demise of the life assured. A type of life insurance with a limited coverage period.

If you die within the term of the policy, your beneficiaries will receive the agreed sum. It provides coverage on your life for a period of time based on the term length you select — typically 10, 20, or 30 years. With whole life, however, you buy a policy that could in theory follow you from cradle to grave.

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Big coverage at an affordable price. Term life insurance is a type of life insurance policy that covers the policyholder for a specific amount of time, which is known as the term. A type of life insurance with a limited coverage period. If the insured individual dies when the policy is active, a death benefit is paid to the nominees of the insured individual.