Term Life Insurance
Term Life Insurance is the lowest cost Life Insurance and is typically purchased by people under the age of 60. "Term" means that the Rates are guaranteed for a particular length of time. When that length of time comes to an end, the policy will lapse (or expire) unless substantially higher premiums are paid. The beneficiaries of these policies will receive the Death Benefit TAX-FREE.
The Term lengths available for most insurance companies are 10 year term, 15 year term, 20 year term, and 30 year term. Term Life Insurance policies are often used for replacing lost income or paying off debts such as a mortgage.