[T016]

term insurance

A type of life insurance policy that is not whole life or written to cover the whole remainder of the insured's lifetime, but instead is written to cover only a period of time. Often that period of time is a set number of years, such as 1 year, 10 years or 20 years. At other times, the policy is written for a term that expires at a specified age, for example, when the insured turns 65.

(See Level Term Life Insurance.)

Copyright: The Rough Notes Company, Inc., 1998, All Rights Reserved. 3040100