Term life insurance guarantees payment of a stated death benefit to the insured's beneficiaries if the insured person dies during the specified term. These policies have no value other than the guaranteed death benefit and don't feature a savings component (as is found in permanent life insurance products).

Founded in 1985, SelectQuote is an insurance sales agency that helps customers find the best rates on life insurance policies. Along with life insurance, customers can also use SelectQuote to purchase auto and home insurance.

Term insurance plans offer financial security for the entire family in case of the unfortunate death of the policyholder. Also, you can get optional coverage for critical illnesses or accidental death. You are covered for a long duration, while the premiums are affordable.

Term insurance is most appropriate for young and healthy families with significant, temporary financial needs that must be covered should the family's breadwinner pass away. However, anyone with a temporary financial need for life insurance protection can benefit from term life coverage.

Types of Term Insurance

• Renewable Term. Renewable term plans give you the right to renew for another period when a term ends, regardless of the state of your health.
• Convertible Term. Convertible term policies often permit you to exchange the policy for a permanent plan.
• Level or Decreasing Term.
• Adjustable Premium.

Policy Term: Term insurance provides coverage for a specified number of years, known as the policy term. In case of an unfortunate event during this period, your nominee will receive the sum assured in your policy.

Life insurance policy benefits can be used to help pay for final expenses after you pass away. This may include funeral or cremation costs, medical bills not covered by health insurance, estate settlement costs and other unpaid obligations.

SelectQuote, Inc. operates a technology-enabled, direct-to-consumer distribution platform that sells a range of insurance products and healthcare services in the United States. The company operates through three segments: Senior; Life; and Auto & Home.

On one hand, the life insurance plans provide lifetime coverage, flexible premium payment terms, assured maturity benefits, flexible income payout options at a higher premium cost. On the other hand, term plan is a pure life cover which offers only death benefit at a very lost cost and affordable premium range.

Term Life Insurance Pros: It's customizable, specific to your timeline, and usually costs less than whole life insurance. Term Life insurance Cons: If you outlive the term length, your coverage will end and you won't receive any benefits.

On one hand, the life insurance plans provide lifetime coverage, flexible premium payment terms, assured maturity benefits, flexible income payout options at a higher premium cost. On the other hand, term plan is a pure life cover which offers only death benefit at a very lost cost and affordable premium range.

Term coverage is cheaper because it pays out only if the insured person dies during the term of the policy. Whole life insurance costs more because it pays a survivor benefit regardless of when the individual passes and also accrues cash value over time.

Types of Term Insurance

• Renewable Term. Renewable term plans give you the right to renew for another period when a term ends, regardless of the state of your health.
• Convertible Term. Convertible term policies often permit you to exchange the policy for a permanent plan.
• Level or Decreasing Term.
• Adjustable Premium.