What is Term Critical Illness and Life Insurance?
Term life insurance is a death benefit cover that is purchased for a specified number of years - the term. The amount of cover, the benefit, as well as the length of time you wish to have the cover, the term, is decided by you. The greater the amount of cover required and/or the longer the term the higher the monthly cost, premium, will be.
Additionally, the older you are at time of applying for term life insurance the greater the monthly premium will be. It must be noted that at the end of the term of the life insurance there is no monetary value to you. So, though you have paid monthly premiums throughout once the cover expires that is it, you are no longer covered in the event of death and no monies are paid back to you.
When you are looking for life insurance you will most likely begin by requesting quotes from various insurance companies that provide cover. These quotes are based on the amount of cover required, the term of the insurance, the applicant’s sex, age and whether they smoke or not. The quote produced is the standard premium.
The applicant will then need to complete the chosen company’s application form providing details about their lifestyle, occupation, height & weight, health, family health etc. This is taken into account before a final offer is made. This offer will be at the standard premium, as quoted, if the applicant as no issues where by the insurance company believes there is a greater risk of a claim being made.