When I hear the words “term life insurance,” I don’t really think about what the word “term” implies. But the word “term” is actually really important when it precedes the words “life insurance.”
Term life insurance means that a life insurance policy is only good for a certain amount of time. Of course, you can choose the length of time it will cover you for and it could be a few years or even for many years.
Term life insurance is perhaps the cheapest type of life insurance you can buy.