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Term insurance is a type of life insurance that provides coverage for a specific period, known as the "term." During this term, if the policyholder passes away, the insurance company pays a death benefit to the beneficiaries. Unlike other life insurance policies, term insurance does not have a savings or investment component; it is purely focused on providing financial protection in case of the policyholder's death. The premiums for term insurance are typically lower than those for permanent life insurance, making it an affordable option for securing substantial coverage. Understanding what is term insurance is includes knowing the length of coverage terms, the conditions for payout, and the options available for renewing or converting the policy at the end of the term. family's financial future during critical periods, such as while paying off a mortgage or supporting children's education.
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