Term life insurance

Term life insurance provides protection for a

• limited, specified period of time.

If death occurs within the time limits on the policy, the face amount of the policy is payable. Nothing is paid if the insured person survives the length of the term policy.

Unlike other types of policies,

• term insurance does not generate cash values.

Term insurance is usually the least expensive means of protection. Some people on limited incomes purchase term insurance for basic insurance protection and, as their incomes rise, convert the policy to other forms of life insurance.