Term insurance is a type of life insurance that provides coverage for a specified term or period. It is a pure protection plan, offering a death benefit to the policyholder's beneficiaries if the insured person passes away during the term of the policy. Unlike other types of life insurance, term insurance does not accumulate cash value or offer any investment component.
Term insurance is a straightforward and cost-effective way to ensure financial protection for loved ones in the event of the insured's death during a specified term. It's important for individuals to assess their insurance needs, consider the term duration, and choose coverage that aligns with their specific financial goals and responsibilities.
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