Term Life

The simplest form of life insurance, it generally offers no cash value feature. You pay a premium and the company promises to pay your beneficiary if you die. The policy lasts for a specific length of time or "term, " such as 1, 5, 10 or more years, or to a designated age such as 65 or 100. If you are living at the end of the term, the policy expires unless the company agrees to renew it. Renewal premiums are based on your attained age. Sometimes called temporary insurance.