This is generally the least expensive form of life insurance. Term life insurance is nothing more than ‘insurance’; it pays a death benefit to your beneficiary or beneficiaries if you die during the term specified in your term life insurance policy. Term life insurance builds no cash value and as the insured gets older, the cost of premiums increases. Term life insurance normally has a term of one, five, or 10 years, sometimes with an option to renew.
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