Term insurance generally offers high coverage at lower premiums compared to other types of life insurance, making it an economical choice.
Some term insurance plans can be extended to provide coverage for the entire life of the policyholder.
In the event of the policyholder's death during the term, the designated beneficiary receives the sum insured, ensuring financial support for the family.
Many term insurance plans offer the option to add coverage for critical illnesses, providing a lump sum benefit if the insured is diagnosed with a covered illness.
Some policies include an accidental death benefit, which provides an additional payout if the insured dies due to an accident.
Term insurance can offer a payout if the policyholder is diagnosed with a terminal illness, helping to cover medical expenses and other needs.
Premiums paid for term insurance may qualify for tax deductions, and the death benefit received by the beneficiary is generally tax-free under current tax laws.