By now we all know about life insurance policies, however, here we are discussing about one of the types of life insurance which is the term life insurance cover. As the name suggests, life term insurance policy lasts with you for a long time. This policy is meant for people who have huge responsibilities on their shoulders, like if they are the only bread earners in the family etc. generally this policy is usually valid for a period of twenty years, so the protection level is higher too. In case the insured person dies before the term of the permanent life insurance policy, then tax free lump sum money is given to the nominees or the beneficiaries. Generally the premiums for this policy are a little higher than the rest of the policy covers and these premiums keep increasing with time as you grow older.
As the permanent contractor life insurance policy is expensive, it is advisable to have complete knowledge about what you are buying and also compare between a few companies before finalizing on one.
