Term life insurance is a type of life insurance that lasts for a set number of years—like 10, 20, or 30 years. If the person dies during that time, the family gets a lump sum of money. If the person stays alive after the term ends, no money is paid. It’s a simple and low-cost insurance option.
Term life insurance is best for young people or those with small budgets. You can get a large amount of coverage for a small monthly fee. The younger and healthier you are, the cheaper the premium.
This plan helps protect your family when you are no longer there. The money they receive can be used to pay for school, loans, rent, or other daily needs. It helps avoid financial stress after the loss of a loved one.
There is no savings or investment benefit in term life insurance. It’s pure protection. If you want just life cover and nothing more, this is a good choice.
