Term Life Insurance is a type of life insurance that provides coverage for a designated period or "term" of years, generally ranging from 10 to 30 years. This policy guarantees that a predetermined death benefit will be paid out to the beneficiaries if the insured individual passes away within this term. Unlike Whole Life Insurance, Term Life does not accumulate any cash value. Its main function is to offer a financial safety net to your loved ones, helping to cover lost income, debt, tuition fees, or other financial obligations in the event of your untimely demise. This makes Term Life Insurance a popular choice for individuals seeking high coverage at a lower cost, especially during key life stages such as home-ownership, child-rearing, or debt repayment. It's a cost-effective way to ensure your family's financial stability.