Term life insurance covers you for a fixed number of years — usually 10, 20, or 30. If you die during that term, your beneficiaries get the payout. If you outlive the term, the policy ends and you get nothing.
Term policies cost a fraction of permanent life insurance with the same death benefit. A healthy 35-year-old might pay $25/month for $500,000 of 20-year term coverage.
If you have lifelong dependents (e.g., a special-needs child), permanent insurance may be more appropriate. Same goes for estate planning at higher net worths.
A common rule: match the term to the years your dependents will need support. Got young kids? 20-year term often fits. Mortgage in 15 years? 15-year term works.
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