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Types of term life insurance you can choose from
Term insurance is a kind of life insurance that insures your life for certain duration of your life. The cover is for your life till such time as it is insured and there is no cash back should you survive the term The premium that you are asked to pay generally depends up on the type of tem plan you choose, the amount of coverage, your current age and the duration for which the insurance cover is desired. The different types of term life insurances are as follows:
Decreasing Term: As the name implies, decreasing term life insurance means that you are covered highest when you acquire the policy. As time goes by the coverage decreases and is the lowest when the plan is terminated. This kind of term life insurance has low premium which remains at that level as the death benefit decreases.
Level Term: In case of level term, the person who is being insured has to pay the same premium through out the tenure of the policy. In exchange he receives the same level of coverage for the complete duration. This obviously attracts a higher premium than decreasing term life insurance.
Renewable Term: In this case the premiums to be paid are not level but increase over the duration of the policy. However the death benefit will remain at the same level. The only good point about this is that the policy can be renewed easily and is guaranteed.
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