Term life insurance is by far the most popular type of life insurance because it’s straightforward, affordable, and lasts as long as you need — for most people, that’s between 10 and 40 years. Premiums can be paid monthly or annually, and in exchange for relatively low rates, your beneficiaries get a large lump sum of money after you die.
What is term life insurance?
Term life insurance guarantees financial protection for your family over a specific period — the term — before expiring. If you die before the term ends, your beneficiary receives a life insurance death benefit that can be used to cover funeral costs, bills, or any other expenses. Because of low pricing and simplicity, a term policy is the best kind of life insurance for most people.
