WHAT IS TERM LIFE INSURANCE?
It’s all in the name. The “term” refers to a specific period of time that you want to be covered. So if an insurer approves you for a 10-year term, you’ll pay a monthly premium and have coverage through the end of the term (10 years, in this example). If you died during your term, your beneficiaries would receive a lump sum payment of the coverage amount.