Term Life Insurance
Life insurance that covers you for a specific period, such as 10, 20, or 30 years. If you pass away during the term, your beneficiaries receive the death benefit. Term life is the most affordable type of life insurance and is ideal for covering temporary needs like a mortgage or raising children.
Real-World Example
David bought a 20-year term life policy for $500,000 to make sure his family could pay off the mortgage if something happened to him.
Related Terms
Disclaimer: This glossary entry is for informational purposes only and does not constitute financial or insurance advice. Consult with a licensed insurance professional for personalized guidance. GuardianChoices may earn affiliate commissions from links on this site — see our advertiser disclosure.
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