What Is Term Life Insurance?

Term life insurance is the least expensive type of coverage and least complicated type of life insurance, at least initially. Coverage is in effect for a fixed term or period of time, typically 1 to 30 years and usually, can be renewed. The policy pays your beneficiary a fixed amount of money if you die during the term of the policy. The premiums are lowest when you are young and generally increase upon renewal as you age. These policies do not build up a cash value. Term life insurance provides life insurance protection for a specified period of time. If you die within the term period and the policy is in force, a death benefit is paid to your beneficiary. If you are still living at the end of the term, protection ceases unless the policy is renewed. There is no "ac View the rest of this article