Term life insurance policies are simple and easy to understand. You choose the insurance period and coverage amount, and if you die during that period, the beneficiaries receive the insurance payout.
Many term life insurance policies offer the ability to convert to permanent life insurance without undergoing a medical examination. This allows you to start with a cheaper term policy and later upgrade to permanent insurance as your financial needs and options change.
Term insurance is perfect for providing protection for specific time periods when the need for coverage is greatest, such as until children finish school or until a mortgage is paid off.
Term life insurance presents an affordable, flexible and simple solution to provide financial security for specified periods of time. It is ideal for people who need significant insurance coverage at an affordable price, and can protect their families from financial hardship in the event of an unexpected death.
Source: https://www.marketwatch.com/guides/life-insurance/term-vs-whole-life-insurance/
Photos are from open sources.
