What is the most basic life insurance?
The most common type of life insurance is term life insurance. Term life insurance is the simplest and most affordable type of life insurance. It provides coverage for a specific period of time, or term. If you die during the policy term, your beneficiaries will receive a death benefit.
Who has the least need for life insurance?
If you're a single person with no dependents, you probably don't need life insurance — at least not yet. Financial experts recommend life insurance particularly for people who financially support either a spouse, children, or other relatives. That means people other than themselves rely on their income to live.
What is the smallest term life insurance policy?
As the shortest term policy generally available, 10-year term life insurance will keep you covered for a decade. This type of policy is best if you're looking to cover short-term financial obligations that will last 10 years or less, like paying off student loans.
What is the simplest form of life insurance?
Term insurance is the simplest form of life insurance. It pays only if death occurs during the term of the policy, which is usually from one to 30 years. Most term policies have no other benefit provisions.