Definition: Life term insurance covers a period of time when you are still alive, with benefits for your dependents if you die during or shortly after that time. The life term insurance policy typically provides death benefit for your dependent children and/or dependants should you pass away. The premium is based on the age at which you intend to claim the term. The premiums may be paid monthly or annually depending on the type of coverage chosen. Life term insurance policies are often used by individuals who have a family history of illness or disability, as they can provide financial stability and protection against unexpected costs in case of their own death. There are different types of life term insurance policies available, including traditional policies that pay out for the term of the policy, and more flexible policies that allow for a wider range of benefits.
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