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Term Life provides your beneficiary with a cash payment if you die during a specified time period–usually 10 or 20 years.
Term Life does not build a cash value; you pay only the cost of insurance plus annual fees. Thus, it is one of the least expensive types of life insurance.
Term Life usually has a “level” premium and level benefit during the period of the term. Level means that it doesn't change. Make sure you have a “level” premium, not a modified or annually increasing premium.
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