What is the main benefit of having a term life insurance policy?

The main benefit of having a term life insurance policy is that it provides coverage for a specific period. Term life insurance is designed to offer protection for a set duration, such as 10, 20, or 30 years. This type of coverage is particularly beneficial for individuals who want to ensure financial protection for their loved ones during key years when financial obligations, such as a mortgage or children's education, are present.

Unlike other types of life insurance, such as whole life or universal life, term life does not build cash value over time, which is why it is generally more affordable. It focuses solely on providing a death benefit if the insured passes away within the specified term. This makes it an ideal choice for many people looking for cost-effective temporary coverage to safeguard their family's financial future during pivotal life stages.