A term life insurance policy provides a benefit payable upon the death of one or more named individuals over the specified policy term e.g. 10 years. Premiums are often paid annually and are normally level each year over the policy term. The premiums are normally lower for younger and heathier people who have a lower risk of death. If the premiums are paid over the policy term and the named individuals are still living, no benefit is paid - this is not an investment product, rather one designed to protect the families and other parties dependent on the well being of the insured.
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