Term life insurance is a type of life insurance policy that provides temporary coverage for up tom 30 years, usually. However, you may be able to choose a policy term of coverage from 10, 15, 20, 25, 30, 35, or 40 years depending on your age and health.
If you die during your policy term, the death benefit is paid out to your beneficiary. If you are alive when your policy term ends, your coverage expires with no payout of any benefits.
Permanent life insurance usually costs up to 5-10 times more than term life insurance, which makes term life the most affordable life insurance coverage for a period of 30 years or less if you have a level term life insurance policy.
Level term life insurance means you premium is locked-in for the duration of your coverage, your premiums never increase and the coverage amount never decreases during the policy term.
Learn more about term life insurance today.