It's a type of life insurance policy that provides temporary protection for a specific period of time.
These life insurance plans usually offer a duration of coverage that lasts for between 10 to 30 years.
You may select a "term" of 10, 15, 20, 25 or 30 years, depending on your age.
The longer your life insurance policy "term", the higher your annual cost of insurance.
Term life insurance plans offers the most affordable type of life insurance, and the flexibility to choose how long your coverage will last.
These plans are useful for anyone who needs life insurance protection for a period of 30 years or less, as you will get the maximum amount of insurance for the lowest premium cost.
Learn more about a life insurance policy term plan and how it works.