A term life insurance plan provides temporary life insurance for a set period of time, usually for up to 30 years, or until you reach age 65 or 70.
If you die during the term (duration) of your policy, the life insurance death benefit is paid out to the beneficiary of your life insurance policy, subject to any exclusions.
If you outlive the term of your term life policy, the life insurance coverage expires and nothing is paid out.
However, return premium term life insurance which costs a lot more than regular term life insurance does return a large portion of your premiums if you outlive the policy.
The face value of the life insurance policy is only paid out on a term life plan if the insured dies while the life insurance policy is "In Force".
If you die during the term (duration) of your policy, the life insurance death benefit is paid out to the beneficiary of your life insurance policy, subject to any exclusions.
If you outlive the term of your term life policy, the life insurance coverage expires and nothing is paid out.
However, return premium term life insurance which costs a lot more than regular term life insurance does return a large portion of your premiums if you outlive the policy.
The face value of the life insurance policy is only paid out on a term life plan if the insured dies while the life insurance policy is "In Force".
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