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What is a premium paying term?

Premium paying term for ‘Term Life Insurance’ is the duration for which the policyholder must pay the term insurance premium.

Premium paying term is often mistaken for policy term. Although policy term usually is equal to the premium paying term, both are different.

For instance, policy term for a life insurance plan can be 40 years, yet premium paying term can be 20 years. Which means, one needs to pay for 20 years, but the policy will cover for 40 years.

Many insurance companies give the life assured the autonomy to pick the premium paying term lower than the policy term. Moreover, insurers allow individuals to get the life insurance benefits even if they stop the term insurance premium payments after a stipulated period; only if all the premiums are previously paid.