Term Insurance protects you during a limited number of years, and expires without value if the insured survives the stated period. Term policies are the simplest and normally the least expensive type of policy you can purchase.
Term life insurance, sometimes called temporary life insurance, covers a person in case of death for a limited time, the term it was purchase for. As an example, the term might be until college is paid for, or children are grown, or until you reach retirement. You pay for the policy period then at the end of the term, the policy or contract expires. If you do not die during the term, you or your beneficiary don't receive any benefits once the policy expires, similar to homeowners or automobile insurance.
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