Insurance Glossary

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Insurance Term - Term and Term insurance

The term is the number of years wherein the policy has been bought by the policyholder. So, if an individual’s policy lasts for 10 years (the number of years is one’s own choice), it is referred to as a policy with a 10-year term. Term insurance, on the other hand, is a type of insurance policy. It provides the policyholder with protection only. If the policyholder dies within the specified number of years (i.e., during the term period), his/her nominee gets the sum insured. If he/she lives beyond the specified period, the policyholder gets nothing. This is the cheapest and most basic type of life insurance. In short, Term Life Insurance is a type of life insurance that provides protection for a specified period of time. Common policy periods are 1 year, 5 years, 10 years, or until the insured reaches age 65 or 70. The policy does not build up any of the non-forfeiture values associated with whole life policies. Thus, it provides a death benefit if the insured dies within a specified term of years.

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