What Term Insurance Means

Term insurance is the simplest and purest form of life insurance. It provides financial protection to your family at the most affordable rates. … The benefit amount is paid out to the nominee in case of death of the person insured during the term of the policy.

What is Term Life Insurance used for?

Term life insurance, also known as pure life insurance, is a type of life insurance that guarantees payment of a stated death benefit if the covered person dies during a specified term.

Is term insurance a good idea?

In short, term life insurance is a worthwhile (and affordable) way to help financially protect your loved ones. A policy’s death benefit could help: Replace lost income and pay living expenses, like rent or a mortgage. Pay debts you leave behind.