Term Life Policy

Term Life Policy is devised to offer an affordable way of protection for families who want to have life insurance for a limited period of time.

The length of the term is left to the buyer. Shorter periods last for one of two years. On other hand, policy holders can also opt to have a longer term of 15 to 20 years. Term policies are usually defined based on its face value which can be found on the first page of the contract. This amount is subject to change within the life of the policy.

For Term Life Policies in UK/US, you can check for said products with so many insurance brokers. They are offering a feature that you can get back your premiums. There is also a prerogative on your part to surrender the plan at any point as long as you communicate the same with the insurance company. With this plan from ING, you can also expect a proportionate return of the policy price after completing half of the policy term. Of course, you are assured that in case of death, a guaranteed sum is to be paid out to your beneficiaries.

Your frequency of paying your premium will depend on the amount insured. You can as well decide to pay in monthly, quarterly, or yearly, depending on what mode of payment is more convenient to you and inform insurance broker about that. Once the term expires, you can reapply for the same insurance at a lower rate. You only have to undergo a medical examination for the insurer to know if you are still qualified. It is important that upon the first sign up for a Term Life Policy, it is stipulated that you have the option to renew the plan after its expiry. The new rate is dependent also on the age of the applicant. Some term policies have a convertible term feature wherein you can request to have a whole life insurance instead of having a specified term. With that in effect, a new rate will be implemented to be based on the new policy.

People who choose the Term Life Policy aims to give their policy a security protection within the specified term. Instead of buying expensive plans, they can use their extra money to invest in another business to obtain a diversified income.


This kind of policy works best for those who are unable to shell out landlords insurance funds for highly expensive plans. You also have to keep in mind the risk factors by researching for yourself through online testimonials or through available insurance broker written on different brochures.