Term life insurance provides coverage for a specific period (e.g., 10-30 years). It's generally more affordable than permanent life insurance due to its temporary nature and lack of cash value. If the insured dies during the term, the beneficiaries receive the death benefit. If the term expires, coverage ends. While affordable and simple, term insurance doesn't build cash value. Some policies are renewable (at higher premiums) or convertible to permanent insurance. It's a good choice for those on a budget who need coverage for a specific period, like while raising children or paying off a mortgage. Consider term length, death benefit amount, and renewability/convertibility options. Consulting a financial advisor is recommended.
