Term 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 like renting insurance for a specific term. If the insured person dies during the term, their beneficiaries receive a payout called a death benefit. However, if the term ends and the insured person is still alive, there is no payout.
Term insurance is often more affordable than other types of life insurance.
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