TERM LIFE INSURANCE
Term life insurance is a type of life insurance policy that provides coverage for a specific period or "term" of years. If the insured person passes away during the term, the policy pays a death benefit to the beneficiaries. However, if the insured person outlives the policy term, no benefit is paid, and the policy typically expires unless it is renewed or converted to a permanent policy.
Term life insurance is often more affordable than permanent life insurance because it only provides coverage for a limited time and does not accumulate cash value. It is commonly used to provide financial protection during the years when the insured has significant financial responsibilities, such as raising children, paying off a mortgage, or covering other debts
Term life insurance is often more affordable than permanent life insurance because it only provides coverage for a limited time and does not accumulate cash value. It is commonly used to provide financial protection during the years when the insured has significant financial responsibilities, such as raising children, paying off a mortgage, or covering other debts