Term life insurance provides protection for a specific period of time (the term). This is often 10, 20 or 30 years. Term life insurance makes sense when you need protection for a specific amount of time--for instance, until your kids graduate from college or your mortgage is paid off.
Term life insurance typically offers the most amount of coverage for the lowest initial premium. This makes this type of life insurance policy a good choice for those on a tighter budget.
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