It is fairly basic in its setup, providing your chosen life insurance beneficiary with an income tax free death benefit should you pass away during the term. (termlife2go.com)
The majority of term life insurance beneficiaries still opt to receive benefits either in a single payment or as a permanent annuity. (chooseterm.com)
Therefore, if you don't have a named life insurance beneficiary, or they're deceased, your family may never receive the death benefit you paid to have in place. (valuepenguin.com)