Term insurance is generally the least expensive and least complicated type of life insurance. It provides insurance protection at a low cost for a specified period of time, such as 1, 10 or 20 years. If you die within the term period, a death benefit is paid to your beneficiary. If you are still living at the end of the term, protection ceases unless the policy is renewed. There is no "accumulation" element, or cash value with term insurance.
Who's it for?

• People with a temporary need for life insurance protection.

• Those who need a large amount of insurance protection but have limited budgets.

• People with specific business needs (e.g., business owners who want to cover the life of a key employee who has a set number of years until retirement).