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Life term insurance (or term life insurance) is a type of life insurance policy that provides coverage for a specific period or “term” — usually 10, 20, or 30 years. If the insured person dies during that term, the insurance company pays a death benefit (a lump sum of money) to the designated beneficiaries.
•Here’s a quick breakdown:
°Fixed term: The coverage lasts for a set number of years.
°Death benefit: Only paid if the person dies within the term.
°No payout if you outlive the term: Unless it’s a special type like return of premium.
°Lower cost: It’s usually cheaper than whole life insurance because it doesn’t build cash value.
It’s a good option if you want affordable protection during key financial years — like while raising a family, paying a mortgage, or covering your kids’ education.
