What is term life insurance and how does it work?

Term life is life insurance that lasts for a specific period of time, usually up to 30 years.

Most insurers offer term life plans for a duration of 10, 15, 20 or 30 years. The longer your term, the higher your annual premium.

If you pass away during the term of your policy, while your coverage is "In Force", the insurance company pays out the death benefit to the beneficiary of your policy.

If you outlive the duration of your term policy, the insu...
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