Glossary

Term Insurance

DEFINITION

Term insurance pays a benefit to your family if you die and may also cover total permanent disability or critical illness. The coverage lasts for a fixed period and ends when that period finishes or when a claim is paid.

ELI5

It is insurance that protects you for a set number of years. If something covered happens during that time, it pays out.

Other related terms

Total Permanent Disability (TPD)

Learn more

Price/Earnings-to-Growth (PEG) Ratio

Learn more

Savings Insurance

Learn more

Treasury Bill

Learn more