Term life Insurance is just one category.
Term Life Insurance
With term life insurance, you can pick the duration of the policy, such as 10, 15, 20, or 30 years. Your beneficiary will get the death benefit if you pass away within that time frame. There is no death benefit if you outlive the term and don’t renew the insurance (at a higher rate).
Term life insurance is useful for people who want to address a particular financial concern, such as replacing lost income while working.
Term life insurance provides death protection for a stated time period, or term. Since it can be purchased in large amounts for a relatively small initial premium, it is well suited for short-range goals such as coverage to pay off a loan, or providing extra protection during the child-raising years.