Term life insurance
Term Life Insurance is a life insurance variation that offers coverage for a predetermined duration or "term." In contrast to whole or universal life insurance, which provides perpetual coverage and might accumulate cash value, term life insurance's primary purpose is to deliver a death benefit if the policyholder passes away during the designated term. Known for its simplicity and cost-effectiveness, term life insurance is favored by those looking for short-term financial safeguards for their beneficiaries. This piece explores the evolution, characteristics, and importance of term life insurance within the broader insurance framework.