Term policy is nothing but an insurance policy which provides short time coverage. If the insurer died in the term insurance period, the death benefit will be paid to the insurers beneficiaries. Term insurance is far better than the traditional life insurance. Because term policy is cheaper than that.
There are several types of term policy. There are 10, 20 or 30 years insurance plans available for term. These types of policies are called as “level term” policies. The premium will not increase in the level period of term policy. But after finishing the level the premium will start to increase. Then the policy will be a costly one for you. Moreover you have option to convert policy into a permanent policy. Now lets have a look to the details of term life insurance policy.
