What is term insurance?
Term insurance provides life insurance for a certain period of time. Your coverage pays out a lump payment if you die within this time. This form of insurance is beneficial for ensuring the financial stability of your dependents. Unless you request a review, your level term assurance coverage remains the same and your premiums remain the same. Purchases of reviewable insurance are often less expensive. Term life insurance comes in three varieties: Decreasing term cover Level term cover Increasing cover We presently provide both level and declining coverage. Original Source: https://www.quora.com/What-is-term-insurance/answer/Ranjit-Singh-3890