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Term life insurance is a good option for people who aren’t sure how long they’ll live. It’s especially useful for young adults and people in their 50s who haven’t yet built up assets or have children who will be dependent on them during their lifetimes.
Term life insurance is priced based on future mortality. The term of the policy is the length of time the insurance company will pay a benefit if you die during that time. In other words, it’s a contract between you and an insurer (usually an insurance company).
The premium is the cost of the insurance.
It’s important to understand the difference between term life and whole life insurance. Term is designed for people who are in good health, need coverage for a specific amount of time and don’t want to pay for a permanent policy. Whole life is designed for people who want lifetime protection or have more complicated needs that require regular adjustments to keep up with inflation.
