Term Life Insurance

Term Life Insurance

What is Term Life Insurance?

Term life insurance is a type of life insurance policy that provides coverage for a specific period or "term," such as 10, 20, or 30 years. If the policyholder passes away during the term, the insurance company pays a fixed sum of money, known as the death benefit, to the nominated beneficiaries.

Unlike whole life or other permanent life insurance policies, term life insurance does not have any savings or investment component. It is purely designed to offer financial protection for a limited duration.

Because it focuses only on life coverage without investment features, term life insurance is usually more affordable and provides higher coverage amounts for a lower premium compared to other types of life insurance.

This type of policy is ideal for individuals who want to ensure that their family's financial needs—such as paying off loans, daily expenses, or children’s education—are taken care of in case of their untimely death during the policy term.