Term life insurance gives you coverage for a set number of years — usually 10, 20, or 30. It’s the most affordable way to protect your family while the kids are young or the mortgage is unpaid. In this article we break down exactly how it works, who it’s best for, and what to watch out for.
Key points
- Term life is the cheapest type of coverage.
- It only pays out if you die during the term.
- Most policies can convert to permanent coverage later.
