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Term Life Insurance or term life ins as it is popularly called, is one of the most availed type of insurance. The main purpose of this insurance is to provide protection to a person for a specified period of time, which is known as term.
Term basically refers to the duration of the time that the insurance policy is in effect. Since it does not provide any kind of cash value therefore, it cannot be considered as any form of investment. However, term life ins is much cheaper and simpler than permanent or whole life insurance. These are issued for 1-30 years.
