Term Life Insurance
Term Life Insurance is the opposite of a permanent life insurance. It is purely for protection purposes only and builds absolutely no cash value.
Term Life Insurance keeps you covered only for a limited period of time. For example, if a singer goes on a world tour, he is insured by the producer only for the period of the tour. After the term life insurance contract, the insured has the option not to renew the policy or still continue with benefits. However, if the person insured dies during the term, the benefit will go to his signed beneficiary. Term insurance is the cheapest purchase of substantial death benefit on a cooperage with a per premium payment.