Remember that term or TIA insurance is not a type of insurance policy or product that you can buy yourself. It is simply a way for the applicant to obtain intermediate coverage until an insurance company approves their application. The premium paid for temporary coverage is essentially an acompt. Once your policy is approved, the payment you made for term insurance will be applied to your first month`s life insurance premium. If you decide not to accept the policy or if coverage is denied by the insurance company, your initial premium will be refunded for temporary coverage. Life insurance applications usually contain a separate section to confirm entitlement to term life insurance. .