Insurance Glossary

Font : A-A+

Insurance Term - Term and Term insurance

The term is the number of years wherein the policy has been bought by the policyholder. So, if an individual’s policy lasts for 10 years (the number of years is one’s own choice), it is referred to as a policy with a 10-year term. Term insurance, on the other hand, is a type of insurance policy. It provides the policyholder with protection only. If the policyholder dies within the specified number of years (i.e., during the term period), his/her nominee gets the sum insured. If he/she lives beyond the specified period, the policyholder gets nothing. This is the cheapest and most basic type of life insurance. In short, Term Life Insurance is a type of life insurance that provides protection for a specified period of time. Common policy periods are 1 year, 5 years, 10 years, or until the insured reaches age 65 or 70. The policy does not build up any of the non-forfeiture values associated with whole life policies. Thus, it provides a death benefit if the insured dies within a specified term of years.

Insurance Glossary

Insurance Term - Term and Term insurance

Health Insurance Topics

Health Insurance News

Medicaid Expansion Boosts Cancer Care in Aggressive Breast Cancer

Asthma Care for Children: Medicaid ACOs Falling Short

Dental, Vision, and Hearing Care: Gaps in Medicare Coverage

World Health Organization (WHO) Urges Global Health Policy Overhaul

What's New on Medindia

Asthma and Diet: Foods That Could Worsen Your Symptoms

Early Social Media Use: How It Impacts Your Child's Well-Being

5 Symptoms That Your Menstrual Pain Could Be Endometriosis