Term life insurance generally offers the most competitive cost to coverage ratio compared to other types of life insurance policies. However getting coverage to age 65 and above or renewing your term policies may significantly increase the premiums you have to pay.
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Hence, term life policies are usually taken up to cover shortfall due to life events where the coverage is only required over a period of time. Life events where an increase in coverage is required may include but is not restricted to the following:
- Owning a new property
- Marriage
- Birth of a child
Key benefits of term life insurance plan
Term life insurance plan are using desired for the following features:
- Multipliers to increase sum assured when financial commitments are high
- Riders to enchance and cover shortfall in insurance coverage
- Lower premium for a fixed period of coverage
- Premium term as short as a single lump sum or over 5 years for a lifetime of coverage
Additional features of term life insurance plan
Most term life insurance plans allows you the flexibility of adding riders to the base plan. The attached riders can enhance your base plan by:
- Increasing your sum assured coverage
- Adding on coverage not included in the base plan
- Waive off future premium
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