Term Life Insurance

Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years. If the insured person dies within the term, the policy pays a death benefit to the beneficiaries. If the term ends and the insured is still alive, the policy expires without value. This type of insurance is often chosen for its affordability compared to permanent life insurance.

Term life insurance can be useful for covering temporary financial needs, such as a mortgage or educational expenses. It offers a straightforward and cost-effective way to ensure financial support for loved ones in case of an unexpected death.

There are various term lengths available, allowing individuals to match their coverage to their specific needs. Some policies offer options to renew or convert to permanent coverage, though these may come with higher costs.

Policyholders typically pay a fixed premium throughout the term, providing predictable costs. Term life insurance is best suited for those who want high coverage amounts at a lower cost and do not need lifelong coverage.