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Term Life Insurance
is vital for the protection of one's family. If the Term Life
policyholders die whilst the policy is in force, their family or
other beneficiary receives the entire death benefit of the policy.
In the UK, Term Life insurance is available for periods lasting
anywhere from one to thirty years. Premium payments can be setup to
occur either on a yearly or monthly basis. It is very important to
keep up to date on premium payments to avoid a lapse in cover. In
most cases, when the end of the policy term is reached, the
policyholder is given the option to either renew the term policy for
another period of time or to convert their policy into a Whole Life
There are a few different options with the Term Life policies
available to UK buyers. The Level Term policy keeps the premium
payments at the same amount throughout the life of the policy. The
policy's death benefit, however, is subject to be worth less because
of inflationary issues. In that case, an Increasing Term policy
might make a better choice.
In an Increasing Term policy, both the premium payment and death
benefit increase over time either by a set percentage, or by a
percentage determined by the variable retail price index (RPI).
These kinds of policies provide protection for the beneficiary
against inflationary issues or other unforeseen financial
The Convertible Term policy type is designed specifically to be
converted to a Whole Life policy from a Term Life policy either at
the end of the original term, or sometimes even during the policy
period itself. If someone is expecting a financial windfall within
the next few years, they would benefit from a Convertible Term
policy, as that windfall can be used as part of any additional
premium required at the time of conversion.
A Short-term insurance requirement is perfect for the Renewable Term
policy type. It is designed specifically for shorter periods of time
with the usually larger premium payment and flexible death benefit
options reflecting that. It is a useful insurance type for someone
who is changing jobs, while remaining dependent on a life insurance
benefit provided by their now former employer.
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