It is quite different from term insurance, which covers you for set number of years and only pays death benefits to your beneficiaries. (trustedchoice.com)
Term life is bought for a given amount of time, typically between 5 and 30 years, and provides death benefits to your beneficiaries if you should pass during the term. (trustedchoice.com)
The insurance company pays out a lump sum death benefit to the beneficiary of the policy upon the death of the insured. (insuranceandestates.com)