life assurance, usually low in cost and offering no cash value, that provides for the payment of a specified sum of money only if the insured dies within a stipulated period of time
term insurance in American English
life insurance which expires at the end of a specified period of time
term insurance in American English
noun
an insurance policy that provides coverage for a limited period, the value payable only if a loss occurs within the term, with nothing payable upon its expiration
Word origin
[1895–1900]
term insurance in Insurance
(tɜrm ɪnʃʊərəns)
noun
(Insurance: Life insurance)
Term insurance is a type of life insurance which is paid only if the person dies within a particular period of time.
Because permanent life insurance programs are designed to be permanent and pay adeath benefit, the cost of insurance is considerably higher than term insurance.
Unlike term insurance, whole life insurance provides insurance coverage for the lifetime of the insured.
Term insurance is a type of life insurance which is paid only if the person dies within a particularperiod of time.
insurance, insurance, insurance
All related terms of 'term insurance'
term life insurance
life insurance for which premiums are paid over a limited time and that covers a specific term, the face value payable only if death occurs within that term
renewable term insurance
Renewable term insurance is term life insurance that may be renewed for another period without the policyholder needing to provide further evidence of their insurability.
convertible term insurance
A convertible term insurance is a life insurance policy which pays out if the policyholder dies within a specified period of time, but also allows them to convert to another type of plan .
decreasing term insurance
Decreasing term insurance is life insurance with the amount of coverage decreasing over the term of the policy and a lump sum payment if you die in advance.
long-term care insurance
Long-term care insurance is insurance for people who may require long-term health or nursing care, and pays for things such as nursing homes and adult day care.
level premium term insurance
Level premium term insurance is term insurance with premiums that remain the same throughout the life of the contract .