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 young families or people who are just starting out in their careers. It is also a good option for people who cannot afford the higher premiums associated with permanent life insurance. However, it is important to note that term life insurance does not provide any cash value or investment component. Once the term of the policy expires, you will no longer have coverage and you will not receive any money back.