What is the definition of term life insurance?
Term life insurance is temporary life insurance that provides coverage lasting for a specified number of years.
Usually, term life offers life insurance for up to thirty years.
However, you may be able to choose a Policy Term (duration of coverage) lasting for a period of 10, 15, 20, 25 or 30 years, depending on your age, health, and insurance needs.
If the insured dies during the policy term, the death benefit is paid out to the beneficiary of the policy.
If the insured person outlives the duration of the term life insurance policy, there is no pay out of death benefits.
Term life is usually the cheapest type of life insurance you can buy.
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