Term life insurance gives coverage for temporary needs. It is considered to be the most straightforward form of life insurance. In a term policy, an insurance carrier promises to give coverage in exchange for a fixed rate of payments over a certain period.
This specific time-frame is known as the coverage period. It tends to last for 10-30 years. A 20-year span is the most common. Many people wonder if term insurance may be right for them. Let’s get into the basics of term life insurance, its features, and potential roles for it in a financial plan.
