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Term life insurance is a type of life insurance that offers coverage for a set amount of time. This amount of time is called “the term.” After the term expired, the insurance policy owner has the option to either cancel the policy or pay increasingly expensive premiums to keep coverage. If the term life insurance policy owner dies during the coverage period (the “term”), an amount (the “benefit”) will be paid to a beneficiary. The beneficiary is whoever the insurance owner designates to receive the money should he or she die.

Term life insurance is a different type of insurance than whole life, variable universal life, universal life and permanent life insurance because the policy does not build value over time. It is a form of “pure” insurance…you pay the premiums and you are covered should you die during the coverage period.