Editing Life insurance (section)

=== Term Life Insurance ===
Term life insurance offers coverage for a fixed period (e.g., 10, 20, or 30 years). If the insured dies during the term, the beneficiary receives the death benefit. If the term expires while the person is still alive, the policy ends unless renewed.

'''Pros:'''

* Lower premiums
* Simple and affordable
* Great for temporary needs

'''Cons:'''

* No cash value
* Coverage ends after the term
* It is important to note that a small percentage, between 1% and 2%, of term life insurance policies result in a payout to the beneficiary, and this occurs when the insured individual outlives the policy term.  This highlights the temporary nature of term life insurance and the fact that the policy's coverage ceases upon expiration unless renewed.