01 Oct Term Life Insurance: What Is It and How Does It Work?
Term Life Insurance
Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years. If the policyholder dies within the term, a death benefit is paid to beneficiaries. Term life insurance is often the most affordable type of life insurance, but it does not build cash value or offer lifetime coverage. (Term Life Insurance: What Is It and How Does It Work?)
Key FAQs
- What are the benefits of term life insurance?
- “Term life insurance offers affordable premiums and a fixed death benefit for a set period, making it ideal for temporary financial protection.”
- How does term life insurance differ from whole life insurance?
- “Term life is temporary and has no cash value, while whole life is permanent and builds cash value over time.”
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