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)
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Price/Earnings-to-Growth (PEG) Ratio
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Savings Insurance
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Treasury Bill
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