Term life insurance is a type of life insurance policy that provides coverage for a specified term, typically 10, 20, or 30 years. The policy pays a death benefit to the named beneficiaries if the insured person dies within the term of the policy. If the insured person does not die during the term of the policy, the coverage lapses and no death benefit is paid.
Term life insurance is generally the most affordable type of life insurance and is a good choice for people who want coverage for a limited period of time, such as to provide for their family during their working years. he premiums for term life insurance are lower because the policy does not accumulate cash value like permanent life insurance policies do.
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