term life
Insurance with deadline
Term life is life insurance that covers a specific period—typically 10, 20, or 30 years—rather than the insured's entire lifetime.
If the policyholder dies during the term, beneficiaries receive the payout; if the term expires, coverage ends with no return.
Term life is simpler and cheaper than whole life insurance: We bought term life when the kids were young.
- underwritingRisk evaluation and acceptance
- policyholderOwner of insurance contract
- cash valueConvertible monetary worth
- death benefitPayment upon policyholder's passing
- beneficiaryDesignated asset receiver
premium · lapse · breadwinner · exclusions · coverage · income replacement · expiration · convertible · payout · rate lock · temporary · renewable · riders · estate planning · financial security · guaranteed · peace of mind · risk assessment
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