What is term insurance and how does it work?
Term insurance is temporary life insurance lasting for a specific period of time, usually up to 30 years.
Many insurers offer term life insurance plans for a duration of 10, 15, 20, 25 or 30 years of protection.
If the insured person dies during the policy term, the death benefit is paid out to the beneficiary of the life insurance policy.
If there insured person is alive when the policy term expires, there is no payout of any benefits, and the coverage ends.
Term insurance is the cheapest type of life insurance you can buy for a period of 30 years or less.
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