Term life insurance contracts, also known as pure insurance policies, provide life insurance coverage to individuals for a specific period of time, or term, commonly issued with five-, 10-, 15-, 20-, 25- and 30-year terms. Because an expiration date exists, term insurance is considered temporary coverage. Individuals who obtain a term insurance policy enter into a contract with the life insurance carrier that guarantees a specified death benefit in exchange for a specified level premium throughout the term of the contract. Should a policyholder pass away during that term, his beneficiary receives the total death benefit as a tax-free payout.
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