Term life insurance is a type of life insurance policy that provides coverage for a specified period, known as the "term." This coverage is designed to protect against the financial impact of the insured's death during the term of the policy. Term life insurance is often chosen for its affordability and simplicity compared to other types of life insurance.

Key features of term life insurance include:

1. Coverage Period: Term life insurance policies have a fixed coverage period, typically ranging from 10 to 30 years. The policy remains in force as long as premiums are paid and expires at the end of the term unless renewed or converted to a permanent policy.

2. Death Benefit: If the insured individual passes away during the term of the policy, the death benefit is paid to the designated beneficiaries. This benefit can be used to cover expenses such as funeral costs, outstanding debts, mortgage payments, education expenses, and income replacement for dependents.

3. Affordability: Term life insurance is generally more affordable than permanent life insurance policies, such as whole life or universal life insurance. Premiums are fixed for the duration of the term, making it easier for individuals to budget for insurance costs.

4. Renewability: Some term life insurance policies offer the option to renew the coverage at the end of the term without the need for a medical exam. However, premiums may increase upon renewal based on the insured's age and health status.

5. Convertibility: Many term life insurance policies offer the option to convert to a permanent life insurance policy, such as whole life or universal life insurance, without the need for a new medical exam. This provides flexibility for policyholders who may want to extend coverage beyond the initial term.

6. No Cash Value: Unlike permanent life insurance policies, term life insurance does not accumulate cash value over time. The focus of term life insurance is solely on providing a death benefit during the term of the policy.

Typical candidates for term life insurance include:

• Individuals seeking affordable life insurance coverage for a specific period, such as young families, homeowners with mortgages, or parents with dependent children.

• Those looking to protect against temporary financial obligations or income replacement needs, such as during the working years or until retirement savings accumulate.

• Business owners who want to cover business-related debts or provide key person insurance for business continuity.

Term life insurance offers straightforward and cost-effective coverage for individuals and families looking to protect against financial risks in the event of premature death. It's important to review policy details, coverage options, and term lengths to choose a policy that aligns with your specific needs and financial goals.