Term life insurance
Life insurance coverage for a fixed period, with no cash value component.
Last reviewed June 15, 2026
Reviewed for accuracy and clarity by Sandeep Singh before publication. Learn about our editorial process.
What it means
Term life insurance provides coverage for a fixed period — commonly 10, 20, or 30 years. If you pass away during the term, your beneficiary receives the payout. If the term ends while you're still living, coverage simply stops unless renewed or converted.
Why it matters
It's usually the lowest-cost way to get a meaningful amount of coverage, which makes it a common fit for temporary needs like a mortgage or dependent children.
Common misunderstandings
- There's no refund or payout if you outlive the term — it's pure protection, not an investment.
- Premiums are often level for the term, but renewing after the term ends is usually far more expensive, based on your age at renewal.
Where you'll see it
As the starting point in most life insurance needs conversations.
Related terms
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