What is term insurance

Question

Accepted Answer

Term insurance is a type of life insurance that provides coverage for a specific period of time.

Term insurance offers a death benefit to the beneficiaries if the insured person passes away during the policy term.
It does not accumulate cash value like whole life insurance.
Premiums are typically lower compared to other types of life insurance.
Policyholders can choose the term length, such as 10, 20, or 30 years.
Once the term ends, the coverage ceases unless the policy is renewed or converted to a permanent life insurance policy.

Accepted Answer

Term insurance provides coverage for a specified number of years, known as the policy term. In case of an unfortunate event during this period, nominee will receive the sum assured in your policy.

What is term insurance

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