Term insurance is the simplest and oldest form of assurance and provides for payment of the sum assured on death, provided death occurs within the policy tenure or term. Should the life assured survive to the end of the term then the cover ceases and nothing is payable.
Term insurance is not investment. It is expenditure. Like the premiums you pay for your car you do not get any ‘benefit’ if the event for which the cover is taken does not happen and there is no claim. What you buy in term insurance is peace of mind and risk cover when it is basically needed. In life insurance term policies you get tax benefit on the premiums paid and tax-free payment to your beneficiary in case of death.
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