Term Life Insurance
life insuranceA type of life insurance that provides coverage for a specific period (typically 10, 20, or 30 years). If the insured dies during the term, beneficiaries receive the death benefit. Term life is the most affordable type of life insurance.
Example
A 35-year-old parent buys a $500,000, 20-year term life policy for about $30/month. If they pass away during those 20 years, their family receives $500,000 tax-free.
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