Term Life insurance pays a single tax-free lump sum benefit when the insured person passes away. Generally, we recommend enough Term Life insurance to pay off any debts that might be left behind, and to replace enough income so that the surviving family members can keep their home and maintain their standard of living. Why you should have it. Term life insurance is the most simple and cost-effective choice for most people. You simply specify how much coverage you need and how long you need it. When it expires, you can take out another policy if you still need the insurance.
