The policy only pays if the insured dies during this period. Economical term insurance offers the most dollar protection for your money. Term insurance provides protection only for a set period of time. When you have a mortgage to pay, children to support, income to replace, or other large but temporary debt concerns, term insurance may be the right choice.
Benefits usually stay constant for the life of the policy.
Ideal if you have a big insurance need for a finite period of time. Helps preserve your family's lifestyle in the event of your death. Can help cover death expenses. Pays down major debts. Enables you to provide for educational needs.