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Term Life Insurance is coverage that protects someone for a defined period (1 year, 10 years, etc.) and pays a death benefit if the covered person passes away during that time.
Term life insurance gets its name because these policies provide financial protection for a specific amount of time. Since this coverage is temporary, the premiums you pay are initially lower than premiums for a comparable whole life policy. The premiums are often guaranteed during this period, so you don’t have to worry about them going up. As a result, term insurance can be a solid choice for families on a budget, those who are just starting out, or need extra financial protection during critical times.