Term Life Insurance
Term life insurance provides coverage only for a particular period of life of the insured. This policy is also known as pure life insurance. The policy holder of this term life insurance cannot get the benefit of cash value. The premium amount and period of this policy are very low compared to a permanent one.
The insured of this policy should pay the premium amount at regular intervals up to the date the policy matures, otherwise his policy will be cancelled. If nothing happens to the insured in premium period, he will get the insured amount after completing the insurance period. He will not get a single penny more than his payment as the cash value offer is not applicable to this policy holder.
If you are looking to take a life insurance policy, at first, you should decide whether it is permanent life or term life insurance that suits you best. This will depend on your age, premiums, policy amount and various other factors in your life. Life insurance offers financial help to you and your family members without borrowing money from friends, family or banks and will help you to lead a tension free life.