With a term life insurance, a policyholder insured himself for a certain sum assured for a fixed period or term. During that time, the insured will pay a premium annually (or any other periodic mode of payment). The main feature of a term policy is that it ensures the life of a person against sudden death. If the policyholder dies at any time before the end of the policy term, the insurance provider is required to pay the sum assured to the nominees(s) of the insured. This is especially so if the policyholder is the primary breadwinner of the family. The sudden death of the earner in the family can have disastrous consequences on the family's finances. Term policies protect against such events.