Term insurance

Term life insurance is a type of life insurance policy that provides coverage for a specific period, or “term,” typically ranging from 5 to 30 years. If the insured person passes away during the term of the policy, the beneficiaries receive a death benefit payout from the insurance company. However, if the insured person outlives the term of the policy, no benefit is paid out, and the coverage typically expires unless renewed. Term life insurance is often chosen for its affordability and simplicity compared to other types of life insurance, such as whole life or universal life insurance.

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