Term life insurance is low-cost, easy-to-understand and coverage that gives you flexible, and temporary protection. It has no cash values.
You will be covered for a specific time period and the cost of your policy is assured and guaranteed for that term period. In case insured dies at that specific time, beneficiaries will get a tax-free payment. In most policies, you have the option to renew for another term or convert into permanent insurance regardless of any change in insured health, occupation or lifestyle.