Life insurance is a way to protect your family in the event of your death. The money your beneficiaries receive can be used to pay your final expenses, take care of debt and cover the mortgage or rent.
Term Life provides protection for a specific period of time, or term. It is most often sold in 10, 20 or 30 year terms. The premium stays the same throughout the term. If the insured dies during this term, the beneficiaries receive the proceeds tax-free. At the end of each term the insured may renew the policy (at a higher cost) up to age 95. Find out more in our 5-Minute Guide to Term Life Insurance.