What is term insurance?

Term insurance is a life insurance product that provides coverage in 5, 10, 15, 20, 25, or 30 year increments. Once approved, the rate is guaranteed to stay the same for the remainder of the term. Term insurance can be a wonderful way to buy large amounts of insurance during your child rearing years and when mortgages and other liabilities are at their highest. When the term ends, premiums are usually unaffordable and coverage will end.