Term Life Insurance Term is the lowest cost and simplest product available.
Term insurance is a life insurance contract that provides protection for a limited number of years.
The death benefit is only payable if death occurs during the agreed-upon term. If the insured survives the time period, the policy expires. This means it has no cash value. However, some policies have a convertible feature permitting a policyowner to exchange a term policy for a cash value policy without evidence of insurability. Term is basically designed to provide a maximum amount of protection for a temporary period of time.