Term Insurance

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In the short run, term insurance is the least expensive form of life insurance, with no investment component. It is like car or house insurance. You pay an annual or monthly premium and you are insured for a specific death benefit.

The rates are guaranteed to stay level for the term that you select – usually 10 or 20 years. If you don't die during this term, and the policy lapses or expires, then there is no residual value remaining within the policy.

If you were to die during the insured period, then the funds are paid out 100% tax-free to your beneficiaries.