Provides a death benefit only, no build-up of cash value.

Term Inurance is a low cost form of life insurance More Third Party Insurance - Third party car insurance is the minimum level of cover that all motorists must take out by law More

Life insurance that pays only if the insured dies during a specified period of time.

The simplest form of insurance is term insurance. You pay the life assurance company regular premiums for a set number of years (the 'term'), and should you die during that period the company will pay out a lump sum. The lump sum they undertake to pay is usually far in excess of the premiums you will pay, since they believe you will survive the term and they will not have to pay up. Term assurance is also often called 'level term' or 'protection only'.

Life insurance protection for a limited number of years and expiring without value if the insured survives the stated period. The protection period may be as short as 30 days (as in temporary insurance agreements) or as long as 20 years or more.

Under this scheme, you pay premium for a certain number of years, and your nominee will receive the money upon your death; however, you will not receive anything if you survive the term.

A type of life insurance certificate through which the death benefit is payable only if the insured dies within a specified time period – generally 15, 20, 25 or 30 years.

Insurance that pays out if you die within a specified period of time. Tipsheet A newsletter usually for private investors, which contains recommendations on specific companies in which to invest. Usually produced to follow a specific investment style or criteria.

a form of life insurance which covers you against death within a fixed period; no payment is made if you live beyond that time.

A form of life insurance having no cash surrender value and no investment component (no loan value). Term insurance provides insurance protection for a specified period of time and can often be purchased with a renewal provision.

A type of life insurance policy that provides protection for a specified time period; most do not have cash value.

Protection during limited number of years; expires with no value if insured survives the stated period.

This is the cheapest type of life insurance and will only protect the policy holder for the term of the life insurance policy. The policy will only pay out if the policy holder dies during the term

Term insurance is insurance that is temporary, as opposed to permanent life insurance. Term insurance is often sold in 5 year or 10 year terms. Term insurance can be very affordable when the buyer is young, and quite expensive for an older purchaser.

A type of life insurance that pays benefits in a lump sum only if you or enrolled dependents die while you are a Northrop Grumman employee and, in the case of optional life insurance, so long as you pay the premiums. Term insurance policies do not build up a cash value.

Least expensive form of insurance at young ages, but only renewable for specific periods, to certain ages. Premiums increase at renewal. This form of insurance is the most costly at older ages, and could average out to be higher over the entire coverage period, than the cost of permanent insurance. Lowest commission to an agent.

low-cost insurance that is valid only for a stated period of time and has no cash surrender value or loan value; "term insurance is most often associated with life insurance policies"

Life insurance under which the benefit is payable only if the insured dies during a specified period. If an insured dies during that period, the beneficiary receives the death payments. If the insured survives, the policy ends and the beneficiary receives nothing.

Generally considered the least expensive form of insurance. It is only renewable for specific periods and premiums may increase at renewal.

Life insurance designed to cover the insured for a specified period of time (or term). Term policies provide life insurance protection without any "cash value" features (which can increase the cost of the coverage). Term insurance generally offers the most protection for your premium dollars.

A contract of life insurance of which the face value is payable if death of the insured should occur within a stated period.

Type of life insurance that provides temporary protection for a specified number of years.

A type of life insurance that pays if the insured dies during a specified time period. Term insurance usually has increasing premiums over time and is pure protection (no savings or cash value).

Life insurance for a specified period of time. This is less expensive than cash value and what is recommended for life insurance coverage. Get it here

The most popular form of life insurance, paying out a tax-free lump sum if you die within a specified period.

A renewable life insurance policy with no savings component, also known as "pure insurance." Terms range from one to 20 years (with premiums rising upon renewal) and a policy can usually not be purchased after about age 75.

The type of life insurance that provides protection for a specified period of time (or term). There is usually no cash value build up in this type of policy.

Often referred to as temporary insurance, it protects the insured for a specific time period and does not gain a cash value, although dividends may accrue. p 76, 149

Term Life Insurance offers coverage for a fixed length of time, or term. Premiums can increase as you age and death benefits can vary over time. Term Life insurance is usually cheaper than Whole Life. It is easier to setup. It has no cash buildup. The term of the insurance usually runs from five to twenty years. Term Life insurance offers temporary protection.

Life insurance that does not build up cash value; the premium will usually increase as the insured ages.

Life insurance policies under which premiums typically increase as the insured one ages and where there is no build up of any type of monetary cash reserve.

A type of life insurance policy that covers only a specified period of time, rather than the whole or remainder of the insured's life. Often that period of time is a set number of years, such as 1, 10, or 20 years. At other times, the policy is written for a term that expires at a specified age, for example when the insured turns 65.

life insurance issued for a stated temporary period of time

The most straightforward and cheapest of life insurance. Term insurance covers you for a certain amount of money over a certain period of time. Should you die during that term, your beneficiaries will receive the sum for which your life is insured. If not, no benefit is received. There is no surrender value either. This results in very cheap premiums for a large amount of cover, depending on your age, health, amount of cover and term required. Decreasing term insurance is used by those who have mortgages. The sum assured decreases over the term as portions of the mortgage are paid off. Should the life assured die during the term, the remainder of the mortgage is paid off. This is also called mortgage protection.

Life insurance without cash value; premiums increase upon renewal

No-nonsense life insurance where you pay low premiums that increase, as you get older. Pays out if you die before a specified age. If you don't, you receive nothing.

A life insurance policy set up for a specified number of years. If you survive the term of the policy then you do not receive anything. This type of policy is often used to cover long term loans or mortgages. It is the simplest and cheapest form of life insurance.

A form of life insurance taken out exclusively for the period of a mortgage to protect the lender in case of the death of the borrower. This is an inexpensive form of insurance, however there is no investment element built into it. Thus, if the insured person lives then there will be no return on the premiums paid.

A basic form of Life Insurance that will pay off the mortgage for you if you die before the end of the mortgage term. It does not protect the lender, but provides protection for your dependants so that they can continue to live in the house even if you have not finished paying off the mortgage.

Here the policyholder purchases risk cover only for a specified term. Term is generally cheaper than any other type of insurance cover.

Life insurance that does not have cash accumulation and provides pure insurance protection for a specified period of time.

Life insurance under which the benefit is payable only if the insured dies during a specified period. See also convertible term insurance, credit life insurance, decreasing term insurance, deposit term insurance, family income insurance, increasing term insurance, level term insurance, mortgage redemption insurance, and renewable term insurance. | Back

Life insurance where the death benefit is paid only if the insured dies within the time period (term) during which the insurance is in force. Term insurance is... read full article

A no-nonsense life insurance plan where you pay low premiums that will increase as you get older. When the term of the insurance comes to an end, you get nothing, except the satisfaction of still being alive. This is in contrast to With Profits Insurance. See also Whole of Life Insurance.

Life insurance providing a death benefit for a limited period of time on the life of the insured and expiring without value after the stated period.

Life insurance that does not build up cash value and where the premium normally increases as the insured gets older.

Provides life insurance for a specified period of time.

Life insurance that provides coverage only for a stated “term,” generally not guaranteed to be renewable for the entire life of the insured. Initial premiums are usually lower than for whole life insurance and increase with advancing age. Cash values are usually minimal or nonexistent. This type of coverage is most economical for a death benefit need of no more than 5 to 10 years.

Life insurance payable to a beneficiary only when an insured dies within a specified period. The coverage expires without value if the insured survives the stated period.

Also known as temporary insurance. Coverage is for a specific period of time.

Protection during limited number of years; expiring without value if the insured survives the stated period, which may be one or more years but usually is five to twenty years, because such periods usually cover the needs for temporary protection.

Life insurance under which the benefit is payable only if the insured dies during a specified period of time.

This is a type of Life Insurance that provides protection only for a specific period of time. Normally sold in 5,10,20, or 30 year periods. This is the most affordable for a young person but, can be quite expensive when one wants to renew at the end of the term.

Life insurance that is designed to provide death benefits exclusively, rather than any investment features.

The type of life insurance policy that provides coverage for a specified period of time (e.g., 10, 15, 20 or 25 years) or until the insured reaches the age specified in the insurance policy.

Term life insurance provides a death benefit if the insured dies. Term insurance does not accumulate cash value and ends after a certain number of years or at a certain age.

Provides policyholder with protection only. Life insurance payable to a beneficiary only when an insured dies within a specified number of years (the term). If you live beyond the term you do not receive any payment. This is thought to be the cheapest type of insurance.

A life insurance policy often linked with a mortgage or loan. The payments you make insure your life and will pay off the loan in the event of your death.

A type of life insurance policy that is not whole life or written to cover the whole remainder of the insured's lifetime, but instead is only written to cover a period of time. Often that period of time is a set number of years, such as one year, 10 years or 20 years. At other times, the policy is written for a term that expires at a specified age, for example, when the insured turns 65.

A type of life insurance that expires after a predefined number of years.

A type of life insurance that provides low-cost coverage during the specified premium period

The type of life insurance that provides protection for a specified period of time. Insureaquote quotes 5 year, 10 year, 15 year, 20 year, 25 year and 30 year term.

Provides a lump sum on the death of the life or lives assured during a specified period of time (term). If no death occurs during the term, then the policy will lapse, with no redemption value.

The type of Life Insurance policy that provides protection only for a specified period of time. A common policy period would be one year, five years, 10 years, or until the insured reaches age 65 or 70. It does not build up any of the nonforfeiture values associated with Whole Life policies. Contrast with Whole Life Insurance.

Life or health insurance protection during a limited number of years but expiring without value if the insured survives the stated period.

A type of life insurance in which the insurance company pays a specified sum if the insured dies during the coverage period. Term insurance includes no savings, cash values, borrowing power, or benefits at retirement. On the basis of cost, it is the very least expensive insurance available, although policy prices can vary significantly among firms.

Life insurance without a cash value. To Top

Life insurance that covers the insured for a certain period of time, known as the term. The policy pays death benefits only if the insured dies during the term.

A simple life insurance policy that pays out a lump sum on your death. If you survive the term of the policy, it lapses. It is the cheapest form of life insurance. There is no investment element, unlike a with-profits life policy.

like a mortgage, term insurance has a specific term and normally a renewal time. The term is usually defined by age - 65, 70, 75 or even 100 and the renewal periods are anywhere from annually to level for the term. The renewal periods are when the cost increases. Most frequently chosen renewal periods 5, 10, 20 years. Return

Insurance protection during a limited number of years but expiring without value if the insured survives the stated period. The protection period may be one or more years but ordinarily is five to twenty years since such periods usually cover needs for temporary protection.

Insurance which provides a death benefit only. Premiums increase each year, or, in the case of level premium renewable term, at the end of each renewal period (typically 5,10,15 or 20 years). Level premium decreasing term has a level premium, but the insurance benefit decreases on each policy anniversary. Since term insurance can become quite expensive at older ages, it is often used to cover protection needs of a shorter duration or to cover a specific need such as an outstanding loan balance. It may be convertible to some form of permanent life insurance.

Insurance that pays the insurer's beneficiary on death. There is no savings element.

Provides policyholder with protection only. The policy is designed pay out if the policyholder dies within the specified number of years (the term). If you live beyond the term you do not receive any payment. This is thought to be the cheapest type of insurance.

Life insurance that doesn't feature cash accumulation and provides pure insurance protection for a specified period of time.

It is the type of life insurance that provides protection for a specified period of time. It usually has no real cash value build up.

Life insurance which pays a benefit only if the insured dies during a specified period.

Term Insurance covers you for a term of one or more years. It pays a death benefit only if you die in that term. Term life insurance generally offers the largest insurance protection for your premium dollar. It generally does not build up cash value. You can renew most term insurance policies for one or more terms even if your health has changed. Each time you renew the policy for a new term, premiums may be higher. Ask what the premiums will be if you continue to renew the policy. Also ask if you will lose the right to renew the policy at some age. For a higher premium, some companies will give you the right to keep the policy in force for a guaranteed period at the same price each year. At the end of that time you may need to pass a physical examination to continue coverage, and premiums may increase. You may be able to trade many term insurance policies for a cash value policy during a conversion period -- even if you are not in good health. Premiums for the new policy will be higher than you have been paying for the term life insurance.

Temporary life insurance that covers the policyholder for a specific time.

A form of life insurance that covers the insured person for a certain period of time, the “term” that is specified in the policy. It pays a benefit to a designated beneficiary only when the insured dies within that specified period which can be one, five, 10 or even 20 years. Term life policies are renewable but premiums increase with age.

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A type of life insurance providing coverage for a specified period or "term". Unlike whole life insurance, there is no investment or savings component.

Life insurance payable to a beneficiary only when an insured dies within a specified period, (5, 10, 15, or 20 years). This is the quickest way to "build" an estate.

a common expression used mainly in life insurance for a policy that has no cash value and the benefit is payable only for a loss that arises during a specific time period. (Example: five-year term, 10-year term)

Life insurance that pays benefits only when the insured dies within a specific period. If the insured lives beyond the end of the period, no benefits are payable. Term insurance has no cash value and premiums traditionally rise with age.