Term Life Insurance
Life insurance that covers you for a set period (typically 10, 20, or 30 years) with no cash value.
What You Need to Know
Term life insurance provides pure income protection. You pay a fixed premium for the selected term and, if you die during that window, your beneficiaries receive the death benefit. If you outlive the term, the policy simply ends.
It is 10-15 times cheaper than whole life and is the right fit for most families that need coverage until debts are paid and kids are grown.
Sources & References
This information is sourced from authoritative government and academic institutions:
- naic.org
https://www.naic.org/documents/consumer_guide_life_insurance.pdf
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Related Terms in Healthcare & Insurance
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Six basic self-care tasks—like bathing and dressing—that determine long-term care eligibility.
Any Occupation
Disability coverage that only pays benefits if you cannot work in any reasonable job based on your experience and education.
Assisted Living
Housing for people who need help with daily tasks but not round-the-clock medical care.
Beneficiary
The person, trust, or organization that receives the life insurance payout.
Benefit Period
How long your disability insurance will pay benefits once a qualifying claim is approved.
Cash Value
The savings component inside certain permanent life insurance policies.