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Usually when people talk about Term Life, they are referring to life insurance policies. With that being said Term life insurance provides protection for a specified period of time.
With term life insurance it is possible to receive a set amount of coverage (say $150,000) and a guaranteed level premium for 5, 10, 15, 20, 25, or 30 years. They are usually very affordable, easy to read and understand also you are able cancel your policy before it expires.