Term life is a type of life insurance that lasts for a specific period of time, unlike permanent life insurance which provides guaranteed lifetime life insurance protection no matter how long you live.
Why do people choose term life insurance?
Because it offers you the most life insurance for your money, it's flexible and easy-to-understand.
Term insurance offers life insurance for a duration of 10, 15, 20 or 30 years, usually. The longer your term for coverage the higher your annual cost of life insurance.
If you pass away during the term of your life insurance, the insurance company will pay out the death benefit from your policy to the person or persons listed as beneficiary in your life insurance policy.
If you outlive the term of your term life policy, there is no death benefit paid out since you are alive.
Learn more about term life insurance coverage and how it works.