With term life insurance, the insured is covered
with pure death benefit coverage only — and because of this, the life insurance can often be less expensive than a comparable permanent policy, they are especially more affordable for those looking for a larger policy such as a million dollar life insurance policy.
One of the main reasons for this is because term insurance offers only
pure death benefit coverage, without any type of cash value or savings component.
With a term policy,
pure death benefit coverage is provided, without any cash value component.