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What is term life insurance?
Term life insurance is a type of life insurance that covers a specific period of time and it has no cash-value accrual. You can think of it as a “just in case” type of insurance policy that usually covers a 10, 15, 20, or 30-year term period. It’s similar to car or homeowners insurance in the sense that you’re paying for coverage for a specific time period, whether you use the benefit or not. Once the term is up, you’ll need to purchase another term policy or consider permanent whole life insurance.
Term life insurance provides an insured’s beneficiary with a death benefit for the purpose of financial protection.
Common Reasons to buy term life Insurance:
Term life insurance is usually more affordable than permanent whole life insurance. Its purpose is to cover a predetermined period of time. Here are some common reasons to buy term life insurance: