If you buy any type of life insurance, you should have at least some basic information about that product and related other product available in market. This will surely save your money.
Term Life Insurance has many different types. Each type has its own features and benefits. Here, you will get the short but key information about the Types of Term Life Insurance.
Annual Renewable Term Life Insurance Policy
Annual Renewable Policy is the largest selling policy of Term Life Insurance. As the name suggests, you have to renew this policy to continue your insurance cover. At the time of buying this policy you have to give a medical test, but at renewal time no new medical test required. In this Policy, Insurance Premium is cheap at young age, as your age increase premium amounts will also gradually increases.
Nonguaranteed Term Life Insurance Policy
This Term Life Insurance Policy is for one year. During this year if you die, Insurance Company pays. Each year or time you buy Nonguaranteed Insurance Policy you have to pass out from a medical test. If you fail in this test you will either pay more or not buy this Insurance Policy. You have to give this medical test before each time you buy Nonguaranteed Term Life Insurance Policy.
Convertible Term Life Insurance Policy
Convertible Term Life Insurance Policy offers you the facility to convert it to a Whole Life Insurance Policy (Permanent Life Insurance Policy). To convert, charges are applicable. Amount of these charges can be change as per different Insurance Company. Normally people convert their Insurance Policy, when they have some health problem and the amount of Insurance Policy increases.
Level Premium Term Life Insurance Policy
From any reason, you do not pay you Insurance premium and the Policy may be expire. After the expiration, you want to renew your Insurance Cover than you can. This is the main benefit of Level Premium Term Life Insurance. To renew it, you have to pass the Medical Test. If you fail in this test it will be more costly to get it. So, you can think about the Convertible Whole Life Insurance Policy instead of this.
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