Term life insurance
S. Meera IMF and Fund Distributor Private Limited.
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Get A QuoteTerm Life is an affordable option
Term life insurance is an affordable and effective way to protect those you love for a pre-determined amount of time. It’s a great option if you want coverage for a specific period of life events, like paying off a loan or providing financial security during your children’s upbringing. With Smeera, you can explore the best term life insurance plans for your individual needs and get the coverage you need.
Term Life vs Whole Life Insurance
- Duration: Term life insurance provides coverage for a specific period of time, usually ranging from 1 to 30 years, while whole life insurance provides coverage for the policyholder’s entire life.
- Premiums: Term life insurance premiums are typically lower than those for whole life insurance, but they increase as the policyholder ages. Whole life insurance premiums remain the same over the life of the policy.
- Death Benefit: Both term life and whole life insurance pay out a death benefit to the beneficiary if the policyholder dies within the coverage period. The death benefit for term life insurance is typically higher than that for whole life insurance, but whole life insurance includes a savings component that can accumulate cash value over time.
- Guaranteed Coverage: Whole life insurance is guaranteed coverage for life, while term life insurance coverage is guaranteed only for the term specified in the policy.
- Flexibility: Term life insurance policies are often more flexible than whole life insurance policies, allowing policyholders to change coverage amounts or convert to a different type of insurance, while whole life insurance policies tend to have more strict rules regarding changes to the policy.
- Typically less expensive than other types of life insurance, making it an affordable option for many people.
- Policyholders can choose a term that matches their specific needs, such as the length of a mortgage or the number of years until their children are financially independent.
- Provide a significant death benefit, which can be used to cover expenses such as funeral costs, debts, and living expenses.
- Policyholders can choose to renew their term life insurance policy or convert it to a different type of insurance policy if their needs change.
- It does not have a cash value component, so the premium dollars go solely toward coverage. This can make term life insurance a good choice for those who are looking for pure life insurance protection.
- Covers the policyholder's death, providing a death benefit to the designated beneficiary if the policyholder passes away within the coverage period specified in the policy.
- The death benefit is a tax-free lump sum of money that can be used to cover expenses such as funeral costs, outstanding debts, and living expenses.
- The amount of coverage and the length of the coverage period are chosen by the policyholder at the time the policy is purchased.