Term Life Insurance
Life insurance policies that are taken out for a specific period are term life insurance policies. If you die during the term of the policy the stated beneficiaries will recieve the lump sum payout. If you outlive the policy period then there is no payout.Unlike whole life insurance, term policies have no additional features or investment prospects. Despite this they are the most popular form of life insurance simply as they tend to be the least expensive option available. With a term insurance the policy holder decides the premium amount and the duration.
The duration of typical term life insurance policy with most insurers is set to a maximum of thirty years. The guaranteed premium return will not change during the policy except in a few cases where variable payouts are provided, these tend to have lower premiums.
Except in rare circumstances, insurers will require the potential policy holder to submit to a medical exam and will not extend a term life insurance policy to anyone aged over seventy years old.
Term Life Insurance Quotes
Quotes for term life insurance can vary from one insurance company to another. At UK Life Insurance Guide we do not promote or recommend one particular life insurance provider. Our advice is to visit an online insurance comparison service who will help you select the policy which best suits your needs.Term Life Insurance Policy Options
There are several term life insurance policy options available for potential clients. The first consideration is taking out a renewable or non-renewable policy. Non-renewable policies require a new medical examination to be undertaken to re-qualify for life insurance policies. With a renewable term no such requirement is needed.An additional policy option is the choice between convertible and non-convertible term life insurance. Convertible policies can be converted into whole life insurance, universal life or variable life. Non-convertible term life insurance cannot be converted to another policy type.