Term Life Insurance

When you're shopping for life insurance, you can choose from two basic types of policies: term life insurance or permanent life insurance. Term life insurance policies offer coverage for a specified amount of time, typically anywhere from one to 30 years. Term life insurance offers a death benefit, which is intended to help your beneficiaries replace your income if you pass away. For example, the money can be used to help pay for things like a mortgage, education costs or everyday expenses, such as groceries.

If you're considering buying a term life policy, here's a brief primer on its essential characteristics and benefits.