You can buy financial security for your family by buying term life insurance. This insurance offers financial support for your family when you are gone. It covers the risk of sudden death of the insurer during the policy period.

When you buy term life insurance you have to pay the premiums on time against which the insurance company offers the cost of your death benefit to the beneficiary. If the insured person survives the policy period then no payments are made to the insured. It is a cheaper insurance than any other insurance.

You can support your family even after your absence through best term life insurance. There are different types of term life insurance. They are as follows:

Return of premium plans (TROP)
This plan offers maturity benefits. The policy holder gets back the premium paid till date if the insured survives the tenure of the policy.

Level term insurance plan
This is the simplest form of term life insurance. The assured sum and the benefits are given to the beneficiary in case the insured dies.

Increasing term plans
This type of plan allows you to increase the sum assured annually during the policy period. The premiums remain unchanged.

Decreasing term plan
This type of plan allows you to decrease the assured sum annually till the policy pays out or the policy period comes to an end. The premium remains unchanged.

What the policy covers?
The term life insurance policy covers mostly all types of death like natural death, death due to accident or illness. It does not cover death caused by natural calamity or death due to terrorist attack.

The term life insurance plans terminates at the end of policy period. You can renew the policy to be covered throughout your life. The plan is available for short and long periods. It can be bought for 5 – 40 years. You should decide your needs before buying a term life insurance plan. The earlier you start the less it takes to insure you. When you are 40 you should opt for a life insurance plan for the duration of 20 -25 years as your liabilities reduce.