Term insurance is pure protection, providing coverage for a specified duration. Let's delve into the key factors that differentiate various term insurance plans.
Comparing Premiums:
Fixed Premiums : Some plans offer consistent premiums throughout the policy term, providing stability for budget-conscious individuals.
Increasing Premiums : Other plans may have premiums that rise over time. While initially lower, they might become costlier in the long run.
Coverage Amount:
Level Coverage : Ensures a constant coverage amount throughout the policy term.
Decreasing Coverage : Coverage decreases over time, often aligning with a decreasing financial burden like a mortgage.
Policy Term:
Fixed Term : Plans with a set duration, providing coverage for a specific number of years.
Flexible Term : Some plans allow flexibility in choosing the policy term, adapting to your changing needs.
Riders and Add-ons:
Critical Illness Rider : Provides additional coverage for specified critical illnesses.
Accidental Death Benefit : Offers an extra benefit if the insured passes away due to an accident.