How long is life insurance?

Term life insurance helps protect customers for a certain period of time when unfortunately having risks related to health, body, life with a low fee and simple procedure. With those advantages, term life insurance is an effective and necessary solution for everyone in this life full of unexpected events.

1. What is term life insurance?

As the name suggests, term life insurance is a product designed to provide protection for a certain period of time. Normally, term life insurance products will have a contract period from 10 years to 25 years.

Term life insurance products have full benefits to protect policyholders against life risks such as illness, injury or death. The amount of insurance received will be paid based on each specific product package and is guaranteed for the duration of the Policy.

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In addition, the term life insurance product also guarantees the benefits of policy maturity and increased bonus (depending on different products) to ensure that customers will receive the maturity amount. term at the end of the contract (in case the contract is not terminated early).

And here are the basic and low-cost life insurance product packages. Therefore, with any income level, customers can easily prepare for themselves a term life insurance package to bring peace of mind and peace of mind before the future years that they have spent. pre-planned.

2. Features of term life insurance

Term life insurance helps give people peace of mind in life. Term life insurance with outstanding features has become a useful tool to help breadwinners express their love and care for their family safely and securely within a certain period of time.

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One of the outstanding advantages of term life insurance is that the participation fee is suitable for all families. Participants can buy term insurance packages with premiums suitable for their income situation and family. It is thanks to this advantage that term life insurance is chosen by many customers to ensure financial stability for the future before major events in life.

There is a certain term

These insurance plans will specify a clear coverage period for each policy. Depending on the customer’s choice, the term can be 5 years, 10 years, 15 years or longer than 20 years, 25 years.

Because of the practical nature of term life insurance is a guarantee, replacing the source of income of the insured when an unfortunate event occurs. In addition, term life insurance is also a way for you to build a financial plan for the future by making accumulated savings and investments from now on.

Example: When you are insured for 15 years, the insurance policy’s protection period is 15 years. At the end of that period, the contract expires. The money you receive at maturity will help make other plans for the future.

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The contract can be renewed

Because term life insurance is only up to a certain time, the validity of the contract will expire. At that time, the policyholder can completely renew the contract if he wants. And most insurance companies are encouraging and ready to respond if customers want to renew their policy.

Can expand more benefits and additional products

To increase integrity and optimize benefits for customers. Life insurance units are always ready to provide customers with complementary products such as: Benefits for medical care in the event of an accident, injury, death… like other insurance packages.

From there, helping to create a comprehensive, effective life insurance product package that highly meets the needs of customers, providing complete protection for a happy and beautiful life.

The main term life insurance is both a financial backup channel for the breadwinners during a certain period as well as an investment savings channel for the family to make big plans in the future. .

3. Benefits when buying term life insurance

When participating in any life insurance product, the buyer is paid the corresponding benefits. And with term life insurance, participants will receive the following basic benefits:

  • Death benefit: If a risk occurs that takes the life of the insured during the policy period, the insurer will pay the insurance benefits according to each specific product package at any time. at any point during the contract period.
  • Benefits for critical illness: Participants will be supported with expenses if unfortunately suffering from one of the fatal diseases as prescribed by each specific product.
  • Cancer benefits: Similar to the benefits of dangerous diseases with cancer, the patient will be paid benefits according to the agreed contract to feel secure in treatment and increase the likelihood of recovery.
  • Accidental Injury Benefit: Customer will receive corresponding Accidental Injury Benefit according to the terms.
  • Savings and investment benefits: life insurance is not only protecting customers from risks, but also an effective savings and investment solution. After the end of the contract, the beneficiary will receive the maturity amount of the total amount paid along with interest or dividend (if any). With the compound interest mechanism, a large accumulation will be formed, which will be a solid backup financial source for the future, creating peace of mind, independence in old age, to live happily and healthily with children and grandchildren.

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With these benefits, policyholders always have peace of mind, because themselves and their families are protected if something unexpected happens. On the other hand, this is also a safe and effective savings and investment tool. Therefore, life insurance is an indispensable financial solution in today’s modern life.

Hopefully, the above article has helped you better understand term life insurance and the benefits that this product brings. From there, choose the right one for you and your family members. A safe financial solution, bringing peace of mind to those who shoulder the responsibility of a whole family will probably never be superfluous?

Let life insurance with you love, take care of your family in your own way.