Term Life Insurance

Term life insurance is a type of life insurance that provides financial protection for a specific period, usually 10 to 30 years. If the insured person passes away during this term, the policy pays a death benefit to the beneficiaries. It is often more affordable than permanent life insurance because it doesn’t build cash value and is only active for the specified term. If the insured outlives the term, the coverage ends, and no benefits are paid. It's commonly used to cover financial responsibilities like mortgages or children's education during one's working years.