Term life insurance is a type of life insurance policy that provides coverage for a specific period, or “term,” typically ranging from 10 to 30 years. If the insured person passes away during the term, the policy pays out a death benefit to the beneficiaries.

The amount of coverage you need depends on your circumstances, financial obligations, and family’s needs. Consider factors such as outstanding debts, income replacement, and future expenses when determining coverage.

If you outlive your policy term, most term life insurance policies will expire without any payout. However, you can renew the policy at a higher premium or convert it into a permanent life insurance policy.

Term life insurance is generally more affordable than other types of life insurance, such as whole life or universal life. The premiums are often fixed for the term, making it a budget-friendly choice for many individuals.

Yes, term life insurance policies are often customizable. You can choose the term length, coverage amount, and any additional riders or features that suit your specific needs. Your insurance provider can help tailor the policy to your preferences.

While some term life insurance policies may require a medical exam, “no-exam” or “simplified issue” options are also available. These policies do not involve a detailed medical examination and may suit those who prefer a quicker application process.