Term Life Insurance
Pure death benefit life insurance for a set period (10/20/30 years), no cash value.
Full explanation
Term life insurance covers you for a specific period — typically 10, 20, or 30 years — and pays a tax-free death benefit only if you die during that term. It has no cash value and the premium stays level for the term length. Term life is the cheapest life insurance per dollar of death benefit (5-10x cheaper than equivalent whole life). For 95% of people with dependents, term life is the right choice — buy enough coverage for income replacement during peak earning years (typically 10-12x annual income or DIME method), then self-insure as kids leave home and assets grow. Most quality term policies include conversion privilege, letting you convert to permanent without new underwriting.
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