Term Life Insurance

Term life insurance covers you for a fixed period — commonly 10, 20, or 30 years — and pays a death benefit only if you die within that term. It's pure insurance with no investment component, which makes it inexpensive relative to the coverage it provides.

For most families, term life is the right tool: it covers the years when others depend on your income — while you're raising kids or paying a mortgage — at a fraction of the cost of permanent policies. The common guidance is to buy enough term to replace income and cover obligations during those vulnerable years, and to be skeptical of more complex, costlier permanent products unless there's a specific need.