Life insurance that provides coverage for a set period, with no payout if the policyholder outlives the term.
Term policies are generally much cheaper than permanent life insurance because they don't build cash value and only pay out if death occurs within the specified term (such as 10, 20, or 30 years). Many buyers choose term coverage matched to a specific financial obligation, like the years remaining on a mortgage or until children become financially independent.
Not to be confused with: Whole life insurance, which provides lifelong coverage and builds cash value, at a significantly higher premium.
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