Term Life Insurance 2026 Complete Guide: Cover, Premium, Claims, Tax & Buying Strategy

What Is Term Life Insurance? The Contract Behind the Marketing

Term life insurance is a benefit-based life insurance contract. The insurer does not reimburse an expense bill. It pays the agreed death benefit when the insured event occurs during the policy term and the contract is valid. The amount payable is governed by the policy schedule, benefit option, rider selection, premium status and any applicable exclusion. That distinction matters because the nominee does not have to prove that the family actually “lost” ₹1 crore. The insurer pays the contractual amount, not an estimate of financial damage made after death.

The product contains four separate roles that buyers often mix up. The proposer applies and pays. The life assured is the person whose death activates the benefit. The policyholder owns contractual rights such as nomination and servicing. The nominee receives claim money in the manner allowed by law. In the simplest case one person is proposer, policyholder and life assured, while a spouse is nominee. In spouse or business arrangements these roles may differ, and every difference changes documentation, insurable interest and taxation.

A pure term plan has no investment account and normally no survival payout. This is deliberate. The premium largely buys mortality protection and operating services, allowing the sum assured to be much larger than under a savings-oriented plan for the same outflow. Return-of-premium plans are still term insurance, but part of the higher premium funds a survival refund. They must be evaluated as a separate economic proposition rather than marketed as “free insurance.”

How a Term Insurance Policy Works From Application to Claim

The proposal form is not a casual questionnaire. It is the factual foundation on which the insurer accepts risk and prices the contract. Answers supplied by an agent, tele-caller or comparison portal remain attributable to the proposer once signed or digitally confirmed. Read the completed proposal before final submission. Correct a wrong answer in writing immediately; screenshots and email acknowledgements are valuable evidence.

Why Term Insurance Is Necessary: The Financial Deficit Test

Death creates two simultaneous changes in a dependent household. Income may stop permanently, while several expenses continue or rise. Rent or home-loan EMI, food, school fees, medical support for parents, domestic help, transport and routine bills do not disappear. The surviving family may also need a large emergency reserve, professional advice and time away from work. Term insurance transfers part of this financial shock to an insurer for a known premium.

The correct question is not “Am I likely to die early?” Low probability is exactly why insurance pooling works. The correct test is: Would my death create a financial deficit that my current assets cannot absorb? If the answer is yes, term cover is relevant. A 29-year-old with a spouse, a ₹55 lakh home loan and only ₹8 lakh of liquid investments may have a larger protection gap than a 45-year-old with no debt and a financially independent family.

Term insurance is not a substitute for an emergency fund, health insurance, disability protection, retirement investing or a will. Those tools solve different risks. Life cover provides capital after death; it cannot pay a hospital bill while you are alive unless a separate rider event is covered, and it cannot replace long-term retirement savings if you survive.

Who May Not Need a Large Term Plan?

A universal “everyone needs ₹1 crore” message is commercially convenient and financially wrong. A person may not need a large personal term plan when no one depends on the person’s income, liabilities are negligible, funeral and estate costs are covered, and financial assets are sufficient for all intended beneficiaries. The calculation can also fall over time as debt reduces and children become independent.

However, “no salary” does not mean “no economic value.” A homemaker may perform childcare, elder care, cooking and household management that would cost money to replace. A non-earning spouse can therefore create a genuine capital requirement. Similarly, a retired parent may still need cover for a dependent spouse, an outstanding home loan or estate equalisation among heirs.

How Much Term Insurance Cover Do You Need? A Three-Layer Calculation

The popular income-multiple rule is a screening tool, not a financial plan. Fifteen times annual income may be excessive for one person and dangerously low for another. A stronger calculation has three layers: immediate obligations, future household capital and a deduction for usable assets.

A practical Human Life Value model can be written as:

Worked example: Amit, age 33

Amit earns ₹15 lakh a year. His family needs ₹7.2 lakh annually after removing his personal expenses. He wants to fund 22 years of dependency, has a ₹48 lakh home loan, wants ₹35 lakh in today’s value for two children’s education, holds ₹18 lakh of usable investments and has ₹25 lakh employer cover. A rough non-discounted estimate is ₹1.584 crore for household expenses, plus ₹83 lakh for debt and education, minus ₹43 lakh of assets and employer cover, producing approximately ₹1.97 crore. Inflation and investment-return assumptions can push the answer up or down, so a ₹2 crore to ₹2.5 crore range may be more defensible than blindly buying ₹1 crore.

Inflation: Why a Large Cover Can Become Small

A death benefit is a fixed rupee amount unless the policy has an increasing-cover feature. Household costs are not fixed. At 6% annual inflation, an expense of ₹50,000 per month becomes roughly ₹89,500 after ten years and around ₹1.60 lakh after twenty years. A ₹1 crore lump sum received two decades from now will not purchase what ₹1 crore purchases today.

Inflation can be addressed in four ways: buy a larger level cover now, select an increasing-cover option, add another policy as income and responsibilities rise, or create a disciplined investment portfolio alongside insurance. Increasing-cover features are useful only after reading the mechanics. Some increase for a limited number of years; some raise premium; some cap total growth; and some stop after a claim-triggering rider event.

How Long Should the Policy Term Be?

The useful term is the period during which your death would create an unacceptable deficit. It often ends when earned income is no longer needed, loans are repaid, children are independent and retirement assets can support the surviving spouse. Buying to age 100 can sound comprehensive, but protection beyond the dependency period may deliver poor value if premium is significantly higher.

Start with the latest of four dates: expected retirement, loan closure, youngest child’s financial independence and end of parent or spouse dependency. Add a modest buffer for uncertainty. A 31-year-old planning to retire at 60 with a 25-year home loan and a newborn child might select cover to 65 rather than 85. A self-employed person expecting to work until 70 may choose differently.

How Term Insurance Premium Is Calculated

Premium is an actuarial price for expected mortality, expenses, capital requirements, distribution costs and product features. The same ₹1 crore cover can cost very different amounts because the risk is not the same. Age and tobacco use are powerful drivers, but underwriting also examines blood pressure, blood sugar, body-mass indicators, family history, occupation, travel, alcohol use, previous insurance, financial eligibility and medical evidence.

Online calculators display an estimate for an assumed standard life. They are not binding underwriting offers. The final premium can be lower through a discount, unchanged, loaded because of risk, or accompanied by restricted benefits. Compare quotations only after using identical age, gender, tobacco status, cover, policy term, payment term, payout mode and riders.

Illustrative annual premium ranges—not insurer quotations

Illustrations are educational, not a quote. Individual life insurance premium is GST-exempt under the rules effective from 22 September 2025; group policies follow separate treatment.

Regular Pay, Limited Pay and Single Pay

Premium-paying term determines cash-flow risk. Regular pay usually requires payment throughout the policy term. Limited pay completes premium in a shorter period while cover continues. Single pay funds the contract upfront. The choice does not change the need for accurate disclosure, and a shorter payment period is not automatically cheaper on a present-value basis.

Limited pay is useful when future income is uncertain but current liquidity is strong, or when a buyer wants premiums to end before retirement. Regular pay may be better for young buyers who need a high cover but cannot divert a large annual amount. Compare internal rate of return only if there is a survival benefit; for pure term, compare the present value of premiums and the value of retained liquidity.

Types of Term Life Insurance Plans Available in India

Level term remains the clean benchmark. Increasing term should be assessed against buying additional cover later. Return of premium should be compared against a pure-term-plus-investment strategy. Joint-life cover must be tested for what happens after the first death: does cover continue for the survivor, reduce, terminate or require new underwriting? Product names rarely answer these questions.

Pure Term vs Return of Premium: The Opportunity-Cost Test

The emotional objection to pure term is simple: “What do I get if I survive?” The financial answer is that you received risk cover every day the policy remained active. A home-insurance customer does not expect the premium back because the house did not burn. Return-of-premium plans address the emotional preference but charge for the refund.

Assume a pure term premium is ₹15,000 a year and an ROP version is ₹42,000. The extra outflow is ₹27,000 annually. If that difference is invested for 30 years, its future value can be substantial even after allowing for moderate returns. The ROP maturity amount may refund only specified base premiums, not every tax, rider charge or additional loading. Since individual life insurance became GST-exempt in 2025, the comparison is cleaner than before, but the opportunity cost remains.

Death-Benefit Payout Options: Lump Sum, Income or Combination

A large lump sum gives flexibility but places investment and spending responsibility on the nominee during grief. Monthly income creates structure but can be eroded by inflation and may be less flexible for immediate debt. A combination can clear liabilities and provide regular household cash flow. The right option depends on the nominee’s financial capability, existing debt and family support system.

Do not select income payout simply because the illustrated total appears larger. A stream paid over decades has a lower present value than the same arithmetic total today. Compare timing, escalation, guarantee period and what happens if the nominee dies during the income period.

Term Insurance Riders: What They Add and What They Do Not

A rider is an additional contractual benefit attached to the base policy for extra premium or through an inbuilt feature. Riders can improve protection, but they can also create overlapping cover and exclusions. A rider’s definition—not its name—determines value.

A critical-illness rider is not a health-insurance replacement. It pays a fixed benefit after satisfying a definition; it does not reimburse every hospital expense. Accidental death riders are not required for the base term sum assured to cover an accident, because standard term cover generally pays the base benefit for covered accidental death. The rider adds an extra amount.

What Term Insurance Usually Covers

The base policy covers death, not every financial hardship. Job loss, temporary disability, hospitalisation and retirement are not automatically covered. Read the benefit schedule to determine whether a rider is additional to or accelerated from the base sum assured.

Term Insurance Exclusions and Restrictions

Exclusions are not a hidden list of every possible cause of death. Fully underwritten term policies commonly have a comparatively narrow base exclusion structure, with the suicide clause being central. Rider benefits carry broader exclusions. Simplified products can have waiting periods. A lapsed policy is not an “exclusion”; it is a contract that may no longer be in force.

Never rely on a generic website list to understand exclusions. Download the policy wording, not merely the brochure. Search for “exclusion,” “suicide,” “waiting period,” “definitions,” “claim procedure” and “revival.” Product-specific language controls the claim.

Medical Underwriting: Why Tests Protect Both Sides

Underwriting matches premium and conditions to risk. A medical test may include height, weight, blood pressure, blood and urine tests, ECG, treadmill test, liver or kidney markers and specialist reports depending on age, cover and history. The insurer can also obtain information through tele-medical interviews and authorised databases.

Non-medical issuance does not mean health is irrelevant. It means the insurer accepted the proposal using declarations and available evidence without arranging a physical test. The duty to disclose remains. A buyer with known diabetes who receives a non-medical offer must still state diabetes.

Tobacco, Alcohol, Occupation and Hazardous Hobbies

Insurers ask more than “Do you smoke?” They may ask whether you have used cigarettes, bidis, cigars, pipes, chewing tobacco, gutkha, nicotine replacement or vaping products within a specified period. The required look-back varies. Answer the exact question and disclose frequency. “Social smoking” is not an insurance category unless the form defines it.

Alcohol assessment considers quantity, frequency, liver markers, treatment history and risky behaviour. Occupations such as commercial aviation, mining, armed services, offshore work, high-voltage operations and certain security roles may trigger additional questions. Recreational aviation, mountaineering, racing and diving can affect underwriting or rider coverage.

How to Buy Term Insurance: A Decision Process, Not a Checkout

Online vs offline purchase

An agent does not guarantee claim payment, and buying online does not make a claim automatic. Claims are decided under the contract and law. The strongest channel is the one where the buyer understands the product, controls the proposal and maintains evidence.

Documents Required to Buy Term Insurance

Income proof establishes financial eligibility, not merely the ability to pay premium. Insurers limit cover to a defensible relationship with income and human-life value. A high bank balance does not always substitute for stable income. Self-employed applicants should maintain filed returns and clean banking records well before applying.

How to Read a Benefit Illustration and Policy Document

Term insurance brochures are sales summaries. The policy schedule and wording are the contract. Verify the name and date of birth of life assured, proposer relationship, sum assured, policy term, premium-paying term, instalment amount, due date, payout option, nominee, riders and risk-commencement date.

For return-of-premium or linked features, distinguish guaranteed from non-guaranteed values. For limited pay, check whether future premium waiver and rider terms continue after the payment term. For income benefits, review the payment frequency, duration and treatment after nominee death.

Term Insurance Death Claim Process: From Intimation to Payment

The nominee should not wait for the original policy bond before informing the insurer. Intimation starts the process, and the insurer can explain alternatives when the bond is lost. Delayed claims are not automatically invalid, but unexplained delay can complicate verification. Intimate promptly and document the reason for any unavoidable delay.

Death Claim Document Checklist

Provide legible copies in the format requested and never alter medical papers. If names differ across Aadhaar, bank and policy, prepare supporting identity or legal documents. A nominee is a recipient under the policy framework, but succession questions can arise depending on nomination category, assignment, will and personal law.

Claim Timelines, Investigation and Interest for Delay

Life claims are expected to be processed promptly. The regulatory framework requires the insurer to seek necessary information and decide after receipt of complete papers within the prescribed turnaround time. A claim may require investigation when facts, timing or documents warrant verification. Investigation is not itself rejection; it is a process to test the contract and event.

Claims in the early years, recent revivals, very high cover, conflicting medical information, unnatural death or mismatched income can receive deeper review. The family should cooperate, but it can ask for requests in writing and challenge repeated or irrelevant requirements through grievance channels. Where payment is delayed beyond the applicable timeline, regulatory interest provisions may apply.

Section 45 of the Insurance Act: The Three-Year Rule

Section 45 is one of the strongest policyholder protections in Indian life insurance. A life policy cannot be called into question on any ground after three years from the latest relevant date specified by the law, which can include issuance, commencement of risk, revival or addition of a rider. Within the permitted period, the insurer may question the policy on fraud or material misstatement according to statutory conditions and must communicate grounds in writing.

The rule is frequently oversimplified as “every claim after three years must be paid.” Premium status and contract scope still matter. A policy that lapsed before death does not become active because three years passed. A critical-illness rider does not pay for a disease outside its definition. Section 45 limits challenge to the life policy on misstatement grounds; it does not rewrite every benefit or remove every contractual requirement.

Step-by-Step Claim Rejection Prevention Guide

If the insurer rejects the claim

Emotional arguments are weaker than documentary contradictions. A strong representation links each allegation to the proposal question, medical record, date and policy clause. Do not sign a full-and-final settlement without understanding its effect.

Nominee, Beneficial Nominee, Legal Heir and Assignment

Nomination tells the insurer whom to pay under the policy process. It does not solve every succession question. The legal position can depend on the nominee’s relationship, the Insurance Act, assignment, a will and personal succession law. Spouse, parents and children may receive beneficial-nominee treatment under applicable provisions, but complex families should not rely on a form field as an estate plan.

Assignment transfers rights in the policy and can override nomination. Loan-linked assignments should be checked after repayment. Keep nominee name, relationship, date of birth, contact and bank details current. For a minor nominee, appoint an appointee as required.

MWP Act protection for married men

A married man may structure an eligible life policy under Section 6 of the Married Women’s Property Act for the benefit of wife, children or both. The policy creates a protected beneficial arrangement and can keep proceeds separate from the policyholder’s estate and certain creditor claims, subject to law and facts. The decision is difficult to reverse, beneficiaries are fixed within the permitted structure and professional advice is sensible for business owners or complex estates.

Free-Look, Grace Period, Lapse, Revival and Cancellation

Never cancel an old policy before the new policy is issued and risk has commenced. An application, premium payment or medical test is not proof of cover. Maintain overlap until replacement is confirmed, then evaluate whether retaining both policies is useful.

Can Term Insurance Be Ported?

Life insurance does not have health-insurance-style portability. To change insurer, you apply for a new policy with fresh age, health and financial underwriting. The new insurer can load, restrict or decline. The old policy’s age-based pricing and contestability history do not transfer.

A switch should therefore solve a real problem: inadequate cover, unsuitable term, poor payout structure or service concern. Saving a small premium may not justify restarting underwriting at an older age. Keep the old plan until the new policy document is received and audited.

Term Insurance Tax Benefits and GST Rules in 2026

Eligible life insurance premium can be included within the combined ₹1.5 lakh ceiling under Sections 80C, 80CCC and 80CCD(1), subject to statutory premium-to-sum-assured conditions. The practical limitation is tax-regime choice. The new tax regime is the default for AY 2026–27 and most Chapter VI-A deductions, including Section 80C, are not available there. A buyer should not purchase term insurance merely to create a deduction that may not apply.

Death proceeds are generally exempt under Section 10(10D), and the tax law protects death benefits even where certain premium conditions affect maturity exemptions. Keyman insurance and unusual ownership structures need separate advice.

A major 2026 change is indirect tax. GST on qualifying individual life insurance policies was reduced to zero from 22 September 2025. This applies to individual term policies and other qualifying individual life contracts. Group term and group credit-life policies remain outside that individual-policy exemption and can continue to attract 18% GST. Verify invoice classification, especially for employer and loan-linked arrangements.

Term Insurance for Salaried Employees

Salaried applicants usually have straightforward income proof through salary slips, Form 16, bank credits and filed returns. The common mistake is treating employer group cover as permanent. Job changes, layoffs, retirement and policy redesign can remove it. Personal cover should be calculated without depending heavily on employer benefits.

Salary growth should trigger a cover review. A policy bought at age 24 for ₹50 lakh may be inadequate after marriage, a home loan and a salary three times higher. Buying an additional policy can preserve the low-cost old cover and add current protection.

Term Insurance for Self-Employed Professionals and Business Owners

Financial underwriting is often harder than medical underwriting for entrepreneurs. Insurers assess sustainable income, business continuity, ownership, debt and existing cover. Low declared taxable income can cap eligibility even when business turnover is large. Clean ITRs, audited statements, bank records and a consistent application improve the case.

Separate family protection from business protection. Personal term cover replaces household income. Key-person or partnership arrangements protect business economics and require separate structuring. Personal cover should not be assigned casually to a lender when the family is the intended beneficiary.

Term Insurance for Homemakers and Non-Earning Spouses

A homemaker contributes replacement-cost value and enables the earning spouse to work. Childcare, domestic management and elder care can require substantial capital after death. Insurers may offer spouse cover based on household income, the earning spouse’s cover and product rules.

Compare two individual policies with joint-life structures. Individual contracts provide independent nomination, cover and continuity. A joint plan may be convenient but can have complicated first-death and survivor rules.

Term Insurance for Women

Women may receive favourable mortality pricing and special discounts, but adequate cover is more important than the discount. Working women should insure their full contribution to household goals, not only debt. Career breaks, maternity history and income changes should be presented accurately.

Single mothers, women supporting parents and women business owners often remain underinsured because calculators assume a traditional household. The cover formula must reflect dependants, unpaid care and business obligations.

Term Insurance for NRIs, PIOs and OCI Customers

Many Indian insurers accept overseas residents, but eligibility varies by country, visa status, occupation and travel. The proposal asks residence history, expected stay, foreign address, tax residency and medical information. Some countries or occupations can produce loading or limits.

Medical tests may be completed in India or through approved overseas centres. Clarify who pays, whether reimbursement has a cap and how reports must be authenticated. Premium can be paid through permitted banking channels. The nominee should know whether claim papers need notarisation, apostille or consular verification.

Term Insurance for Home-Loan Borrowers

A lender’s group credit-life plan and a personal term plan solve overlapping but different problems. Credit-life cover may reduce with loan balance and pay the lender. Personal term cover can clear the loan and still provide income replacement. The family’s need does not fall merely because the loan falls; education and household expenses continue.

Term Insurance for People With Diabetes, Hypertension or Obesity

Diagnosis does not automatically mean rejection. Underwriters examine control, duration, medication, complications, laboratory results, age and other risks. Well-controlled hypertension with regular follow-up may receive better terms than undiagnosed or poorly managed disease.

Do not stop medicine before tests or attempt to manipulate results. Disclose the first diagnosis, medication and physician details. Submit recent reports if allowed. If one insurer postpones or loads, compare another insurer only with identical disclosure and disclose the previous decision when asked.

Multiple Term Policies: When Splitting Cover Helps

Two or three policies can provide flexibility. One may cover the long-term income need, another the home-loan period and a third later income growth. Multiple insurers also diversify service dependence, though contractual claim risk is not eliminated by splitting.

The disadvantages are administration, multiple premium dates and multiple claim files. Disclose every policy and pending proposal. Total cover must remain financially justifiable. Create a one-page register with policy number, insurer, cover, term, premium date, nominee and claim contact.

Employer Group Term Insurance vs Personal Term Insurance

Employer cover is valuable and usually inexpensive to the employee, but it is not owned in the same way as a personal contract. The employer is master policyholder, benefits can change annually and cover can cease with employment. Conversion or continuation facilities, if any, are product-specific.

Personal term cover should be sized around family need and retained across jobs. Employer cover can reduce the immediate gap but should not be the foundation of a thirty-year protection plan.

PMJJBY vs Retail Term Insurance

Pradhan Mantri Jeevan Jyoti Bima Yojana provides low-cost renewable life cover under scheme rules. It is valuable social protection but the benefit is much smaller than the capital required by most earning households. It should supplement, not replace, a properly calculated retail term plan.

How to Compare Term Insurance Companies in 2026

Premium is visible; institutional quality is not. Compare multiple dimensions and use the latest annual figures on a consistent basis. Claim settlement ratio by number shows what percentage of claims were paid, but a high ratio does not prove that every claim is valid or that service is fast. Amount settlement ratio shows value paid, which can differ because of high-ticket cases. Solvency indicates capital adequacy, not customer service. Complaint data provides context but can be influenced by company size and product mix.

Use annual audited or regulator-published data and avoid ranking claims based on one quarter or combining group and individual ratios. The strongest shortlist balances contract quality, service accessibility, financial strength and a premium you can sustain.

Best Term Insurance Plan: Why No Single Plan Wins for Everyone

A “best plan” depends on the buyer’s objective. A young parent may prioritise low-cost level cover and life-stage increase. A business owner may prioritise high financial underwriting capacity and MWP structuring. A diabetic applicant may value a fair medical offer over the cheapest standard-rate quote. An NRI may prioritise overseas medical and claim support.

Common Term Insurance Buying Mistakes

1. Buying a round number: ₹1 crore looks large but may not match liabilities and family expenses.
2. Choosing premium before cover: Affordability matters, but underinsurance defeats the product.
3. Hiding medical or tobacco facts: The saving is small; the claim risk is enormous.
4. Overloading riders: Duplicate benefits increase premium and reduce clarity.
5. Selecting maximum term automatically: Cover should follow dependency, not a marketing badge.
6. Depending on employer cover: It can end with the job.
7. Ignoring nominee capability: Payout mode should match the family’s financial skill.
8. Not reading issued documents: Free-look expires while errors remain.
9. Cancelling old cover too early: The new proposal may be loaded or declined.
10. Buying only for Section 80C: The deduction may not apply under the new tax regime.

Real-Life Decision Scenarios

Customer Service and Grievance Escalation

Start with the insurer’s customer service and grievance redressal officer. State policy number, issue, chronology, requested remedy and supporting records. Obtain written acknowledgement. Insurance grievances should be resolved within the prescribed service timeframe.

If the insurer does not resolve the complaint or the response is unsatisfactory, use IRDAI’s Bima Bharosa platform. Policyholders can also contact the IRDAI grievance call centre. Eligible disputes can be taken to the Insurance Ombudsman, including delay, repudiation, premium disputes, misrepresentation and policy servicing. The Ombudsman can mediate and issue an award under the governing rules.

20-Point Term Insurance Buying Checklist

1. Calculate cover using liabilities, income replacement and goals.
2. Subtract only genuinely usable assets.
3. Select a term tied to dependency, not maximum age.
4. Compare pure term before ROP.
5. Standardise every quote input.
6. Review individual claims-paid and amount-settlement data.
7. Check solvency and servicing channels.
8. Read policy wording, not brochure alone.
9. Complete the proposal personally.
10. Disclose tobacco, alcohol and nicotine accurately.
11. Disclose every diagnosis, medicine, surgery and test.
12. Disclose existing and declined policies.
13. Use genuine income and occupation data.
14. Attend medical tests honestly.
15. Audit schedule and proposal during free-look.
16. Set two premium reminders and backup payment mode.
17. Update nominee after life events.
18. Create a claim document folder.
19. Brief the nominee and family.
20. Review cover annually without cancelling old cover prematurely.

Final Evaluation: What a Good Term Insurance Decision Looks Like

A good term policy is usually boring after purchase. The premium leaves on time, the nomination stays current, the family knows where the documents are, and the cover quietly sits behind the household balance sheet. That is success.

The policy becomes dangerous when the buying process is rushed: an income figure is exaggerated to qualify for more cover, tobacco is omitted because it was “only occasional”, a rider is selected without reading its trigger, or the premium is stretched so far that the plan lapses during a difficult year. These are preventable failures.

Before paying, print the final proposal PDF. Check every answer. Recalculate the protection gap. Show the payout choice to the nominee. Then compare the policy wording—not merely the premium—with at least two alternatives. Buy only when all five pieces agree: adequate cover, truthful disclosure, sustainable premium, understandable benefits and a claim file the family can actually use.