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Term 100 : Everything You Need to Know
December 1, 2021 | Posted by: Jatinderbir Singh Bajwa
Term 100 – fine print to know about
No grace period: You must pay your premium monthly/annually. There is no cash accumulation that can be used to pay the premium. If you miss a payment, the policy can lapse after 30 days.
Premiums cannot be adjusted (unless coverage reduced): Term 100 is for life, so you must factor in the cost of your insurance during retirement. Remember to adjust for this premium during times of unemployment as well.
No coverage changes: Some term policies allow you to reduce your coverage if you stop smoking, your health improves, or if you wish to adjust your protection level – but this is not typically available for Term 100.
No return of premium: If you cancel the policy, do not expect premiums to be refunded.