Term life insurance policies are simple to understand, providing a set amount of life insurance coverage for a specific amount of time (usually 10, 15, 20 or 30 years).
If you die during the "term" of your term life policy, your "beneficiaries" (people you choose) will receive the full (tax-free) death benefit of your life insurance policy.
Term life insurance is commonly used for income replacement protection for families.
For example, if you were to pass away, you can still provide your family an income similar to what you would have earned if you were still alive.
Your term life insurance policy for income replacement provides your family with the peace of mind knowing their financial needs will met. For this reason, many consumers like you choose to purchase a term life policy to protect their family for up to 30 years.