Term life insurance, also known as pure life insurance, is a type of life insurance that guarantees a death benefit if the insured person dies during a specified term for example 10 years, 20 years, or 30 years.
Once the term expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the term life insurance policy to terminate.
Term is used for Mortgage Protection, Income protection, Key Man insurance or any short-term protection need.