term life insurance

Definition

A life insurance policy which provides a stated benefit upon the holder's death, provided that the death occurs within a certain specified time period. However, the policy does not provide any returns beyond the stated benefit, unlike an insurance policy which allows investors to share in returns from the insurance company's investment portfolio.

Use term life insurance in a sentence

Term life insurance is typically the cheapest life insurance policy, but it also sets large parameters on the beneficiary period.

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