Every Nigerian is relatively familiar with the word, “Term” at least from our early school calendar which is structured in terms. The word is however of French origin, ‘Terme’ which means. ‘Limit of time’ or ‘duration’.
In Insurance parlance, is mostly associated with certain life insurance plans which gives you cover for a set duration. This does not mean, you can’t get cover anymore at the end of the policy term, it only means the previous term has ended and to continue enjoying the benefits of the policy, you have to renew.
By definition, Term insurance is a type of life insurance policy that provides coverage for a certain period of time or a specified “term” of years. If the insured dies during the time period specified in the policy and the policy is active, or in force, a death benefit will be paid.
Term insurance has no cash value. In other words, the only value is the guaranteed death benefit from the policy.
However, with E-Term Standard,, policy holders can benefit even in life, in the case of an accident or permanent disability.
How does Term Insurance work?
To get a Term insurance policy like every other insurance, you will have to pay a premium. A premium is a specific cost, which is typically monthly, annually, or one-off, that insurance companies charge policyholders to provide the benefits that come with the insurance policy.
The insurance company calculates the premiums based on the individual’s health, age, and life expectancy. A medical exam that reviews the person’s health and family medical history might be required depending on the policy chosen.
Insurance premiums are fixed and will be paid during the period. If the policyholder dies before the insurance expires, the insurance company will pay the face value of the insurance. If the period expires and the policyholder dies thereafter, there will be no compensation or payment.
However, policyholders can renew their insurance, but new premiums will vary depending on age and health at the time of renewal. As a result, the premium for renewed insurance can be higher than the original term life insurance that was taken when the person was young.
For more details and enquiries, contact 2341-2774500 or send an email to contactcentre@coronationinsurance.com.ng
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