Term life insurance is a type of life insurance that provides coverage for a specific period of time, such as 10, 20, or 30 years. It is a relatively inexpensive way to provide financial protection for your loved ones in the event of your death. If you die during the term of the policy, your beneficiaries will receive a death benefit that can be used to pay for funeral expenses, outstanding debts, or other financial obligations.
Term life insurance is a good option for people who need temporary coverage, such as those who have a mortgage or young children. It is also a good option for people who are on a budget, as it is typically less expensive than whole life insurance.