Term life insurance is life insurance which provides coverage at a fixed rate of payments for a limited period
of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further
coverage with different payments or conditions. If the life insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit
on a coverage amount per premium dollar basis over a specific period of time.