Term Life Insurance
A life insurance policy offering coverage for a defined period, such as 10, 20, or 30 years, with the death benefit paid to the beneficiary if the insured passes away during that time. If the insured lives beyond the term, the coverage ends.
Detailed Explanation
Term life insurance is generally more affordable than permanent life insurance for the same amount of coverage, especially at younger ages.
Practical Example
Mark purchased a 20-year term life insurance policy to provide financial protection for his family while his children are growing up. If he passes away within those 20 years, his beneficiaries will receive the death benefit.
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