Benefits of Term Life Insurance

  1. Flexibility

The policy owner decides on the duration of the coverage and the premium payment plan to suit his needs. He also has the choice of renewing, or converting his coverage into a permanent insurance plan. Medical exams are not required for conversion or renewal.

  1. Affordability

Term life insurance is considered much cheaper than permanent life insurance and is the most affordable form of life insurance which provides policy owners the best coverage for the lowest rates. The younger and healthier are assured lower rates. Term life insurance proceeds are generally tax free, but please consult your tax advisor for clarification.

  1. No complications or hidden costs

Policy holders have the liberty to choose the payment method and the coverage period, they are completely aware of how much they are paying. Term life insurance is easy to comprehend and doesn’t promote cash value.

  1. Renewability guaranteed

Policies could be renewed up to the age of 100 or more. No medical examination is required for policy renewal.

  1. Conversions from term insurance to permanent insurance

Conversion to permanent insurance is possible either till the policy owner reaches the age of 70 or till the initial term plan ends. Whichever comes first is taken into consideration.