A term life insurance policy is a form of temporary life insurance elating for a specific period of time.
Usually, a term life insurance plan provides coverage for 10, 15, 20 or 30 years. Your premium is guaranteed for the term of your policy, and level term life insurance has level amounts of life insurance coverage for the entire term of your policy.
If you die during the term, your life insurance pays out a death benefit to the person you chose as beneficiary.
If you outlive the term of your policy, the life insurance coverage ends, unless you have renewable term life which allows you to renew coverage for another term.
Term life is the most affordable type of life insurance which means you get the most life insurance protection for your money.
Learn more about
how term life insurance policies work.
