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Term Life
Term life insurance is better understood as a life insurance policy that covers you for a specified period in the event of death. A fixed-term policy has a limited duration, and once it expires, it will be entirely up to you whether you want to renew your coverage or simply let it lapse. If you let the policy lapse, you will not be insured, and your dependents will not receive a lump sum payout in the event of your death.
The cost of the premium you pay for your term life insurance policy will depend on a number of factors, namely your age, health and the life insurer’s determination of life expectancy (meaning, how long the insurer thinks you will live). The amount you will be covered for will be fixed at the beginning of the policy and will not change. It is important to bear in mind, however, that if your policy is for a fixed term and you decide to renew when it runs out, the premium will be recalculated based on your increased age and will therefore cost you more.
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We are leaders in the field of insurance throughout the Middle East. We’re committed to providing personalised solutions for your specific life insurance requirements. Talk to our qualified and experienced team of consultants today about your needs and we’ll help to clarify the type of life insurance that would work best for you.
The length of your term life insurance policy is a matter for you to decide. It will vary depending on your individual circumstances. You will need to consider why you are choosing term life insurance. If it is to cover you while you have financially dependent children or a mortgage, for example, this would affect your choice of the length of term for your policy.
The length of your policy will depend on your aim when you take the policy out. Here at Continental, our experts typically see policies lasting 10, 15, 20, 25 or 30 years.
A yearly renewable term (YRT) policy has no specified term and is renewable every year, without the need for fresh evidence of your insurability. However, you should be aware that while the premiums on a YRT policy start low, they tend to increase annually, and your age is always taken into account.
