Life insurance is an essential line of defense for your family in the case of tragedy. It can give them the time and resources they need to grieve and make a plan for the future.
Term Life Insurance This option provides coverage for a specified term or period of time (10, 20 to 30 years). It’s just pure life insurance and typically your premiums are lower the younger you are.
Term plans are typically affordable insurance plans that provide full protection and financial stability to your loved ones in case of any unforeseen events.
This means there is no savings / profits component. They are basic plans which make life insurance more affordable vis-à-vis other options. It is possible for the policyholder to opt for a larger life cover at a lower premium.