Life INSURANCE

Term life insurance is a type of life insurance policy that provides coverage for a specified term or period, typically ranging from 10 to 30 years. During this period, if the insured individual passes away, the policy pays out a death benefit to the designated beneficiaries. Unlike permanent life insurance policies, such as whole or universal life insurance, term life insurance does not accumulate cash value and is designed to provide straightforward and affordable coverage for a specific time frame. Once the term expires, policyholders can choose to renew the coverage, often at a higher premium, or let the policy lapse. Term life insurance is often chosen for its simplicity, cost-effectiveness, and the ability to provide financial protection during key life stages, such as raising a family or paying off a mortgage.