Term Life Insurance
A term life insurance policy typically is a low-cost insurance policy that guarantees to pay a lump sum amount in case of a death of the policy holder during the term of the policy.
Once a policy is issued the premium will stay constant during the life of that policy.
Premiums paid by you are eligible for tax deductions under section 80C of the Income Tax Act.
No benefit is payable on survival of the policy holder to the end of policy term.
Term life insurance policies do not acquire any surrender value throughout the term of the policy. Therefore you will not get any payout if you end the policy before the policy term, for example by not making your regular required premium payments.
Term life insurance is cheaper but does not build up value. Whole life insurance is more expensive, but builds up value.
Whole life has the advantage of having a built-in savings program, but you lose a lot of money to high commissions. It is usually better to buy term life insurance and invest the money you save in an IRA, 401K, or mutual fund. Contact Copeland Insurance to evaluate what's best for you when it comes to Life Insurance.