| Term life insurance is an affordable way to | | | | A ten-year term may be well suited to an older |
| ensure the financial security of a family remains in | | | | shopper, whose purpose is simply to cover the |
| tact upon the unexpected death of a provider. | | | | remaining number of years that they are |
| When selecting which term insurance policy to | | | | responsible for their child. |
| buy, the shopper can choose between many | | | | A twenty-year term policy may suit a provider |
| different features, including level term, increasing | | | | who has just had a baby. Twenty years will be |
| term, convertible and renewable term. Riders may | | | | just long enough to ensure that child is financially |
| be added onto a policy such as waiver of | | | | cared for until adulthood. |
| premium. The length of time a policy remains in | | | | A thirty-year term policy is a longer-term option |
| force is called its term. | | | | and is most suited to shoppers with a growing |
| A life insurance policy works by paying out a lump | | | | family, who want to plan for the future. Perhaps |
| sum upon the insured death, to the names | | | | with the view to ensure funds will be available for |
| beneficiaries. These will usually be the insured | | | | university fees or a wedding. |
| dependants. If the policyholder outlives the term | | | | A thirty-year term means that the policyholder |
| of the policy there will be no payout. For this | | | | need not think about life insurance for thirty years |
| reason such polices are easily afforded. | | | | and they will have the peace of mind they are |
| The term of a policy typically ranges from one up | | | | protected. Some policyholders may like the fact |
| to thirty years, but can be longer. The length of a | | | | that they are more likely to claim against a longer |
| term will depend on the preferences of the | | | | term policy. |
| policyholder. Ten, twenty and thirty year terms | | | | A shorter-term policy is cheaper because the |
| are among the most popular and they each cater | | | | death of the insured during the term unlikely. As |
| for a different specific need. | | | | the length of the term increases so does the risk |
| The benefit of a ten-year term is that cover is | | | | of death and the premium payable. If the |
| very cheap. Term policies are often convertible | | | | policyholder outlives the policy, no payout will be |
| and renewable and some shoppers may buy such | | | | made.To get the best insurance deal it is worth |
| a policy with the intention of later renewing it or | | | | looking online and comparing deals offered by |
| converting it to a whole life policy. | | | | numerous providers. |