What is insurance policy term

Term insurance is a type of life insurance policy that provides coverage for a certain period of time or a specified "term" of years. If the insured dies during ...

What is the term of insurance policy?

Term insurance is a life insurance product, which offers financial coverage to the policyholder for a specific time period. In case of death of the insured individual during the policy term, the death benefit is paid by the company to the beneficiary.

What is policy term?

Definition of 'policy term'\n\n The policy term is the lifetime of an insurance policy. The policy will also pay out if death occurs before the end of the agreed policy term. This policy will expire at 12:01 a.m. on the last day of the policy term. The policy term is the lifetime of an insurance policy.

How long is an insurance policy term?

How long is term life insurance? Term life policies are generally sold in lengths of five, 10, 15, 20, 25 or 30 years. In some cases, you can find 40-year term life insurance. The longer the policy, the higher your life insurance quotes are likely to be.

What are examples of term insurance?

Term life insurance is ideal for covering yourself for a single need, for a specific amount of time. An example is indemnifying a mortgage or business loan. The kicker is that if you outlive this time and still need coverage, the price of term insurance typically increases astronomically after the guarantee period.