You pay a set premium for a specified term, and in exchange, the insurer provides a death benefit to your beneficiaries if you pass away within that term. The premium is generally fixed for the entire term, meaning it won’t change, and the death benefit is typically paid out tax-free to your beneficiaries.

• Affordable Premiums: Term life insurance generally offers lower premiums compared to permanent life insurance policies.

• Simplicity: Term life insurance is straightforward, with a clear term length and death benefit.

• Flexibility: You can select a term length that fits your needs (e.g., 10, 20, or 30 years) based on your financial situation and goals.

Term life insurance lasts for a fixed period, which can range from 10 years to 30 years, or even longer in some cases. If the insured individual outlives the policy, there is no payout, and the policy ends unless renewed or converted to another form of life insurance.

If you outlive your term life insurance policy, you will not receive any payout. However, some policies allow for renewal or conversion to a permanent life insurance policy. Be aware that the renewal rates could be higher as you age.