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- DictionaryTerm life in·sur·ance
noun
- 1. life insurance that pays a benefit in the event of the death of the insured during a specified term.
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noun
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Life insurance that provides coverage at a fixed rate of payments for a limited period of time
Term life insurance or term assurance is life insurance that provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the life insured dies during... Wikipedia