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In life we insure our car our house and even our holiday just in case something unexpected should happen.

However when it comes to insuring ourselves being the very ones that will pay for these other types of insurance we have the view somehow that nothing will happen to us or our family.

Insurance is therefore one product that cannot be purchased after any unfortunate event and of course that applies to life insurance as well.

There various types of life insurance available on the market to suit individual requirements;

Term Life Insurance: If the insured should die within the life time of the life insurance plan or term covered the policy pays out an agreed sum agreed in the insurance plan. If the insured lives beyond the number of years of the life insurance plan and the policy expires there is generally no cash value at the end.

No cash value at the end of a life insurance policy does keep the monthly cost of the life insurance policy down.

The older you are at the time of applying of a term life insurance the greater the monthly premium of the life insurance cover therefore there is considerable benefit in taking out life insurance cover when you are young and healthy.

Renewable Term Life Insurance Cover: - Policies can be taken out for a very short time such as a year, but invariably the cover is for a set number of years or to a given age.

The life insurance cover contract, in most cases, allows the insured the right to extend the number of years without the need to provide evidence of insurability which is a valuable provision to have within a policy. Restrictions normally exist which only allow the insured the right to do this up to a stated age by the insurance company.

A Convertible Term Life Insurance:- Policy provides the insured with the option of exchanging the policy for a cash value plan.

Once again this type of term life insurance allows the policy holder to do this, in most cases, without having to provide evidence of insurability.

This flexible form of life insurance allows a person who requires cover over a long period of time but cannot afford a cash value plan the option of starting out with a term policy and then converting it to a cash value life insurance plan when it is affordable.

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