It is called term life insurance because it lasts for a term of time, say 10 or 20 years. After the term expires, the life insurance policy ends. It is the cheapest form of life insurance and works like this: You get a policy for a certain term and pay your premiums. If you die, your beneficiaries get a lump sum settlement. The younger you are, the cheaper the policy.
What is Term Life Insurance?
August 4, 2010