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

Robo Funds

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Secured Loan

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Underwriting

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Mortgage Servicing Ratio (MSR)

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