Term Life Insurance
InsuranceGlossary term
Definition
Life insurance that provides coverage for a specific period (term), typically 10, 20, or 30 years. More affordable than whole life insurance but has no cash value.
Related terms
- Whole Life InsurancePermanent life insurance providing lifetime coverage with a cash value component that grows over time. More expensive than term life but builds savings and offers guaranteed death benefit.
- PremiumThe amount paid for an insurance policy, typically monthly, quarterly, or annually. Premium costs vary based on coverage amount, deductible, and risk factors.
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