Term insurance, also known as term life insurance, is a type of life insurance policy that provides coverage for a specified term or period. It is a straightforward form of life insurance designed to offer financial protection to the policyholder's beneficiaries in the event of the insured's death during the term of the policy. Unlike permanent life insurance policies, such as whole life or universal life insurance, term insurance does not accumulate cash value.
Term insurance is suitable for individuals who want to ensure financial protection for their loved ones during a specific period, such as the years when dependents are most financially vulnerable. It serves as a cost-effective way to obtain significant coverage for a defined duration.
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