Term Life Insurance is a temporary life insurance policy that provides coverage for a specific period, such as 10, 20, or 30 years. If the policyholder passes away during the term, the beneficiaries (individual or charity) receive a tax-free death benefit. However, if the term expires, the coverage ends unless it is renewed or converted into a permanent policy.

Term Life Insurance is often chosen for its affordability and is ideal for individuals who want to provide financial protection for their family during critical years, such as while paying off a mortgage, raising children, or planning for retirement.

Key Features:

• Fixed Coverage Period – Choose between 10, 20, or 30 years of coverage.
• Guaranteed Death Benefit – Pays out a tax-free lump sum to beneficiaries if the insured passes away during the term.
• Affordable Premiums – Lower costs compared to permanent life insurance.
• Convertible Options – Some policies allow conversion to permanent life insurance without a medical exam.
• No Cash Value Accumulation – Unlike whole life insurance, term life does not build savings or investment value.