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What Terms are available for Life Insurance?


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Q:

What are the typical terms lengths available for Life Insurance policies?

A:

There are a range of terms available for term life insurance plans in Hong Kong. Starting with 5 year terms, the length of coverage can increased from there.

Term Life Insurance is designed to provide your family with a financial benefit if you die whilst the policy is active. These are time sensitive insurance plans with a finite duration – this duration is called the “term.”

You can learn more about this sort of insurance protection by clicking Hong Kong Term Life Insurance plans.

The shortest term normally available in Hong Kong with regards to life insurance is 5 years from the start of the plan, with the longest term lasting until the policyholder turns 80 years old. This would usually be equivalent to a term of 35 – 40 years in length, depending on the age of the policyholder when they purchased the plan.

In very simplistic terms, a term life insurance policy is almost a “bet” that you will die within a certain number of years after having purchased the plan. Whether the term is 5, 10, 15, 20, or 40 years in duration, in the event that you die after the expiration of the term no death benefit would be payable to your family or beneficiaries.

It is also important to note that as you get older the likelihood that you will die in any given term increases. As a consequence of this the premium associated with a Term Life Insurance plan will increase as you age.

For more information about Term Life Insurance options in Hong Kong, or to compare a range of Term Life Insurance Quotes, please Contact CCW Global Today

Answered on: 30 August, 2017 11:46


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