Term Life insurance policies are typically used to help provide additional life insurance (for example beyond the limits of an employer-sponsored plan) coverage to pay for the cost of raising a child, to help pay for short-term debts (cars, boats), to help pay off a mortgage, or fund a college education if something unexpected happened.
Term Life insurance policies are generally the most straightforward form of coverage and they can provide the greatest amount of coverage for the lowest initial cost.
Premiums are paid on a monthly or annual basis for the length of that term.
Things to know about term life insurance.
Term Life policy premiums can increase at the end of the fixed-term period.