A term life insurance policy is temporary coverage offering life insurance for a duration of up to 30 years.
A permanent life insurance policy offers lifetime protection.
Term life has much lower rates per $1,000 of coverage compared tp permanent insurance for several key reasons:
- Temporary Coverage
- Builds No Cash Value
- Not an Investment - Pure Protection
- Some Insureds Outlive the Coverage Term - No Payout
Learn more about term insurance versus permanent insurance and how they differ.