Term Life Policy – The Most Affordable Insurance Cover

2007-03-08 10:33:40

( Insurance )



A good way of protecting the financial status of your family in case you die unexpectedly is to purchase a life policy. You can choose between the two common kinds of life assurance policy, that is, whole life policy and term life policy.

Whole life insurance policies, in general, enable you to save, invest your money and provide coverage in the event of your premature death. The premiums for policies like these are relatively high because they have at least two components – a part goes to pay for the insurance and a part goes to an investment made by the insurance company on your behalf.

Term life insurance policies, on the other hand, offer lower premiums. The savings and investment elements found in whole life insurance policies are absent in term life insurance policies. In short, term life insurance policies are pure insurance packages with absolutely no frills.

If you are still young, you may not be financially well-off at this point in your life. But you still will want life insurance to protect your dependents from financial difficulty in the event of your untimely death. Hence, the best available option for you is to purchase a term life policy.

Term life insurance policies pay the sum insured upon death of the policyholder. Generally, you do not get the same policy features for the same amount of insurance cover from different insurance companies. It is always wise to compare the terms and conditions provided in different term life insurance policies. This is to ensure that you purchase the right term life policy that matches your insurance needs.

You can apply for a life assurance policy so easily in this age of the Internet. By providing answers regarding your personal details and some health related questions, you will be given insurance quotes from different insurance companies in a matter of seconds. Through this process, you will be able to select the most affordable insurance cover for your term life policy without the too much hassle.


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