Life insurance that pays a benefit in the event of the death of the insured during a specified term. Compare with whole life insurance.
- When seeking insurance, don't rush into buying expensive permanent life insurance before considering if term life insurance sufficiently meets your needs.
- Some insurers report an increased interest among older customers in term life insurance, which pays out a death benefit if you die while the policy is in effect.
- No one buys term life insurance hoping the benefits will be paid out.
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Syllabification: term life in·sur·ance
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