term life assurance

**Term life assurance** is a policy that provides financial protection for a set period, usually 10, 20, or 30 years. If the insured person dies within the term, the policy pays out a lump sum to the chosen beneficiaries. It is a cost-effective way to ensure your family is financially supported in case of an unexpected death. If the term ends and the person is still alive, no payout is made, and the coverage ends unless renewed.