Term Life Insurance
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About TLI - Term Life Insurance
- What is TLI? (Click on Every points should be get breif explanation as below mentioned Contents)
- Basic Coverages.
- Add On Coverages.
- Claim Process Support.
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What is TLI?
Term life insurance is a type of life insurance policy that provides coverage for a specified period, or “term,” such as 10, 20, or 30 years. If the insured person dies during this term, the policy pays a death benefit to the beneficiaries. If the term expires and the insured person is still alive, the policy typically does not pay out any benefits, and coverage ends unless it is renewed or converted to a permanent policy. Term life insurance is generally more affordable than permanent life insurance because it only provides coverage for a set period and does not build cash value.
Basic Coverages
Basic coverages of term life insurance typically include:
- Death Benefit: The primary coverage is a lump sum payment to the beneficiaries if the insured person dies during the term of the policy.
- Level Premiums: Many term policies offer level premiums, meaning the amount paid for the policy remains constant throughout the term.
- Renewal Option: Some term policies have a renewal option, allowing the policyholder extend coverage at the end of the term, though premiums may increase based on age.
- Convertibility: Many term life insurance policies offer the option to convert to a permanent life insurance policy without needing a new medical exam.
- Riders: Optional add-ons (riders) may be available, such as accelerated death benefits or waiver of premium, though these may involve additional costs.
These features can vary by insurer and policy, so it’s important to review the terms of a specific policy to understand all coverages and options.
Add on coverages
Add-on coverages, or riders, for term life insurance can provide additional benefits or customization to a basic policy. Some common add-on coverages include:
- Accidental Death Benefit Rider: Provides an extra payout if the insured dies due to an accident.
- Critical Illness Rider: Offers a lump sum payment if the insured is diagnosed with a serious illness covered by the rider, such as cancer or heart disease.
- Waiver of Premium Rider: Waives premium payments if the insured becomes disabled and is unable to work.
- Terminal Illness Rider: Allows for an early payout of the death benefit if the insured is diagnosed with a terminal illness with a limited life expectancy.
- Child Rider: Provides coverage for the insured’s children, often offering a death benefit if a covered child dies.
- Conversion Rider: Allows the policyholder to convert the term policy into a permanent policy without additional underwriting, typically at a specified time.
- Return of Premium Rider: Refunds premiums paid if the insured outlives the term of the policy.
These riders can enhance coverage but may come with additional costs, so it’s important to review and understand their terms before adding them to a policy.