term life insurance is the term used for life insurance. Which means for the limited period, affixed rate of payments are carried on. If the period of payment is expired, Insurance holder coverage is not guaranteed anymore and so has to forego coverage or have to obtain another coverage that will be having different conditions and payments will be different too. If the insured dies in between, the person who is the beneficiary can claim the amount.
• Term and permanent are two different insurance policies. A permanent insurance policy is for whole life and fixed the amount of premium amount for a lifetime.
• The individual can carry on the policy life long, till it ends or lapses. On the other hand term insurance is used for those who are in need of money in the terminal.
• It is rather less expensive, and premium amount is less. TermInsurance is basically for the death benefit. It is not for planning needs. It functions like other insurance.
Conditions and Clauses
• What is being insured, you can claim, and it will be carried forward. Premiums should be up to date till it gets expired.
• Like in the caseof aCar accident, insurance can be claimed if it is damaged. Similarly, house damaged due to the storm can be claimed to insurance. If fire or storm destroyed it. If the house and car are sold out, and policyholder stops giving premium.
• The full premium amount will not be refunded by the insurance company. Basically, it is related to the death benefit. It covers financial towards the insured and beneficiaries after the death of the insured.
• Premium paid on the probability of the insured death. Term insurance Canada is used by most people of Canada, as they are mostly suffering from heartache