How does Term Life Insurance works?

Question

How does Term Life Insurance works?

Answer 1

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Answer 2

You pay a payment (premium) based on how likely the insurance company thinks you are to die.  This lasts for the "term" of the policy.  At the end of the term, the contract ends.  You only have insurance for that term, at the end of the contract there is no cash value.

Term is "pure" insurance.  It does not gain or hold value like "whole life" insurance.  Therefore the premiums are cheaper.

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