Term life

Term life insurance pays a lump sum if the insured person dies within a fixed term. If they survive the term, it pays nothing and there is no cash value. That is the whole product, and its simplicity is why it is the cheapest life cover sold.

Three roles come apart here more visibly than anywhere else in the standard, so hold them clearly. The policyholder buys the policy and pays for it. The life insured is the person whose death triggers the payout. The beneficiary receives the money. The life insured cannot collect their own death benefit, which is exactly why the beneficiary is a separate party.

Page	What it holds
Term life: data model	The entities, fields, enumerated values and relationships
Term life: API	The endpoints, the flow that binds a policy, the lifecycle and the error paths

How the model is shaped

termLifeCoverage is the policy. lifeInsured is the person covered, carrying occupation and annual salary because both are underwriting inputs: what someone does for a living affects how likely they are to die, and what they earn caps how much cover they can justify.

termLifeType says which variant of term life this is. Level term pays the same sum throughout. Decreasing term pays less as time passes, which is how a policy is matched to a shrinking mortgage. Renewable term can be extended without new medical evidence. Convertible term can be swapped for a whole-of-life policy later.

Riders are optional add-ons that extend cover beyond death alone: accidental death benefit, total permanent disability, total and partial permanent disability, and critical illness. A policy can carry several.

freeCoverLimit is worth knowing about. It is the amount of cover available without medical underwriting, and it is what makes group schemes practical: below the limit, nobody has to be examined.

What to watch

The two enumerations here are the clearest disagreement in the standard. termLifeType carries four values in the data standard and three in the API specification. termLifeRiders carries four in one and five in the other, and the extra rider value is Convertible term, which is a type of policy rather than a rider at all.

This module treats the data standard as authoritative: termLifeType has four values including Convertible term, and termLifeRiders has four without it. Validate against those sets. If you integrate with something built from the API specification, expect a mismatch on exactly these two fields.

Beneficiary shares are not validated for you. termLifeCoverage carries a multi-valued beneficiary reference and each beneficiary carries a share. Nothing checks that the shares total 100, and a policy where they do not cannot be settled without someone deciding what happens to the remainder. Check it on the way in.

businessSector has no declared type. It is treated here as a UK SIC code, matching Commercial.occupation elsewhere in the standard, and the underlying standard declares neither type nor reference list.

There is no underwriting. No quote, no decision, no decline, no awaiting-medicals state. A policy record exists once cover is bound, and everything that happens before that sits above the standard. Death claims settle through Claims like any other claim.

Market profiles

This module is market-neutral. Nothing it defines varies by market, so no profile constrains it.