December 30th 2008 is as the name clearly suggests insurance for
Term Life Insurance is, as the name clearly suggests, insurance for a ‘term’. Often regarded as the purest form of insurance protection, this policy provides coverage for a limited period of time and is, invariably, the most inexpensive way of purchasing substantial death benefit on your coverage amount. Term Life Insurance offers you the option of continuing or dropping the policy after the completion of your term. However, you ought to pay annually-increasing premiums in order to continue the coverage. In case of an insured’s death during the term, the death benefit is paid to the nominated beneficiary. Unlike other permanent life insurance plans, Term Insurance does not build any cash value. Being a pure death benefit, it allows the insured to cover financial responsibilities such as consumer debts, education for dependents, etc.