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Term Life insurance

NRIOL.net is popularly known for travel and medical insurance plans, but members can purchase term life insurance from us as well. Just like it is essential to buy medical or travel insurance while traveling, it becomes equally important to get a term life insurance plan to secure your family’s future and protect investments. 

In term life insurance, you need to pay monthly premiums in exchange for a policy that provides death benefits to your dependents. The policy lapses when you fail to pay the premium each month. Plus, if you wish to cancel your term life policy, you will not be reimbursed for your paid premiums. The main reason to get a term insurance plan is to protect your family from unforeseen events, especially death. 

To buy a term life insurance, get in touch with us! We will explain the process to you. 

term life insurance
what is term life insurance

What is Term Life insurance?  

Term life insurance is a plan that offers coverage to a family for a certain period or term after the policyholder’s death. The family will receive the death benefit if the policyholder dies during the termed period. However, it is less expensive than a permanent life insurance policy. These plans aim to safeguard families and help them financially after the demise of policyholders. 

The insurance policy comes with a specified end date or term from the start date, e.g. ten years. The death benefit will only be given to the family or dependents if the policyholder dies within ten years. If the policyholder out lives the term, the family will not benefit from the money. In most cases, premiums and death benefits stay the same throughout the period. Though the policy costs less than permanent life insurance, you may get an option to  convert to a permanent life insurance based on the product.

Advantages of Term Life Insurance

  • Flexible – Term life insurance policies give you the flexibility to choose the coverage term. You may choose a decade or three to cover you, with your death benefit remaining the same.  
  • Customize – Depending on the product, you may be able to customize your life policy with coverage length and convert it to a permanent policy later if you need it.  
  • Budget-  You can purchase a term life insurance plan that suits your budget and goals. This flexibility allows policyholders to purchase a plan that complements their needs.  
  • Protect family-  The death benefit can be inherited by the families, children, dependents, and other members who need lifelong support. You can provide care and financial support to them after you are gone.  
  • Low premiums – The term life insurance plan does not hold any cash value, so the premiums are lower and affordable for everyone.  

Why choose us for Term Life Insurance?

    • Seamless process – NRIOL.net ensures that the policyholders do not face any hassle while purchasing a policy.  
    • Customer support-  The multilingual team supports the policyholders 24*7 no matter where they are. All queries are resolved the soonest.  
    • Affordable premiums – Premiums are  reasonable, making it easier for people to purchase them as per their needs.  
    • Trustworthy-  NRIOL.net has earned a high reputation in the market for its excellent services and incredible term life insurance plans.  
    • Experts’ help-  We have experts in our team to handle minor to major issues that can happen anytime. They can tackle every problem with ease.  

What is the difference between whole life and term life insurance?  

Term life insurance lasts for a certain period with no cash value, while whole life insurance can last until death and guarantees cash value. The term life insurance plans have temporary coverage, but they might have a possibility to be converted to whole life insurance policies. The whole life term policies are more expensive than term life insurance plans. Whole life insurance premiums are based on the age of issue and typically do not increase with age. The insured normally pay a premium until death or for limited pay policies where premiums are paid in 10 years, 20 years, or till the age of 65yeas. Whole life insurance belongs to the cash value category of life insurance.  The Whole Life insurance can be a reliable source of saving for the future, while Term life would be ideal for short-term financial goals and cannot be used as a saving. 

what is the difference between whole life and term life insurance

FAQs

  • Does the term life insurance policy start immediately?

    Yes. Term life insurance policies have no waiting period, and the plan starts once it is approved.  

  • What is the shortest-term life insurance coverage?

    The shortest term policy available is ten years. A decade policy may work fine if you have a temporary financial goal to take care of.  

  • Can you cash out term life insurance?

    No. Term life insurance has no cash value.  

  • Can a legal heir claim the policy?

    Suppose there is no nomination before the policy’s maturity , or the insurer has not requested a fresh nominee after the death of the previous nominee. In that case, the legal heir can make a claim.  

  • What happens after a10-year term life insurance?

    The policy expires after ten years, and there  will be no  coverage after that . The death benefit lasts till the end of the term and is only transferred to the beneficiary if the insurer dies within the term.  

  • How does term life insurance work?

    Term life insurance is the simplest form of life insurance, where you have to typically pay premiums for a specific time, like between 10 and 30 years. However, in case the policyholder dies within th e termed period , his/her family receives a cash benefit. Remember, term life insurance plans have no cash value and no other value other than death benefits. A term life insurance policy is an agreement between an insure d and the insurer , i.e. the insurance company. The insured pays a premium for an agreed term, and the insurer provides financial support to the beneficiary after the insure d ’s death.  

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