Life insurance comes in many guises. One of them is called term insurance.

It is valid for a set length of time, called the policy term. Typically, this is in multiples of tens of years.

Hence, if one buys a 30 year term and dies within that period, his/her beneficiaries will get the policy’s face amount. If instead he/she lives beyond the 30 years, he will not get anything, not even the premiums paid all those years.

The main attraction of term life insurance is its cost: among all life insurance types, the rates for term life is the cheapest.

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