# Term Life Insurance

*Insurance — Finicade finance glossary*

Term life insurance covers you for a fixed period — 10, 20 or 30 years — and pays only if you die within it. It's cheap because most policies expire unused: a healthy 35-year-old can insure $1m for 20 years for a few hundred dollars a year. Matching the term to the need is the whole design, which is why the standard advice is a term that ends when the mortgage is paid and the children are independent.

**Also known as:** term life, term assurance, level term

**Related terms:** [Life Insurance](https://finicade.com/glossary/life-insurance), [Whole Life Insurance](https://finicade.com/glossary/whole-life-insurance), [Insurance Premium](https://finicade.com/glossary/insurance-premium), [Underwriting](https://finicade.com/glossary/underwriting), [Beneficiary](https://finicade.com/glossary/beneficiary)

Source: https://finicade.com/glossary/term-life-insurance