Term life insurance is life insurance that provides coverage at a fixed premiums for a limited period of time. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the policy holder must either forgo coverage or obtain further coverage with different premiums and or conditions.
If the life insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount for a premium rand basis over a period of time.
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