Definition of term life insurance in US English:

term life insurance

noun

  • Life insurance that pays a benefit in the event of the death of the insured during a specified term.

    • ‘Up to $50,000 of group term life insurance coverage can be provided tax-free to ministry employees under a nondiscriminatory plan.’
    • ‘Around 90% of Scots needlessly run the risk of bumping up the inheritance tax due on their estate when they die, simply because they have not written their term life insurance policy into trust.’
    • ‘Some insurers report an increased interest among older customers in term life insurance, which pays out a death benefit if you die while the policy is in effect.’
    • ‘When seeking insurance, don't rush into buying expensive permanent life insurance before considering if term life insurance sufficiently meets your needs.’
    • ‘Instead of taking out several specific policies, buy enough term life insurance to cover your debts.’
    • ‘Additionally, Michelle, who is the highest wage earner in the family, contributes $86 per month to a $1 million term life insurance policy.’
    • ‘People 45 years old and younger are probably better off buying $500,000 to $1 million worth of cheaper term life insurance and investing any money left over in some other tax-deferred savings vehicle.’
    • ‘Savers are better off investing in low-cost tracker funds and getting protection through term life insurance.’
    • ‘No one buys term life insurance hoping the benefits will be paid out.’
    • ‘Currently, the couple has $250,000 in term life insurance on him and $100,000 on her.’
    • ‘Anyone with a partner or children dependent on their income should have term life insurance, geared to pay out either a set sum or monthly tax-free income if death occurs within a set period, typically 25 years.’
    • ‘They should reduce those costs by getting a combination of permanent and term life insurance policies.’
    • ‘Most new parents buy term life insurance, which insures you for a fixed amount for a given premium.’