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Term life insurance provides a death benefit for a fixed term — commonly 10, 20, or 30 years — at a low premium, with no cash value. It is the right fit for most families: it covers the years when dependents and a mortgage rely on your income. When the term ends, coverage stops, ideally after the financial need has passed.
A 30-year-old parent might buy a 20-year term policy to cover the years their children are dependent.
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