A 30-year term life insurance policy provides coverage for 30 years. Unlike permanent life insurance, which can be expensive, term life insurance is much more affordable. With a 30-year term policy, your beneficiaries receive the death benefit if you pass away while the policy is active and premiums are current.
For instance, if you purchase a $500,000 policy at age 35, you're covered until age 65. If you pass away at 55, your beneficiaries submit a claim, and once approved, your insurer pays the death benefit as a tax-free lump sum. Your beneficiaries can use the money to cover funeral expenses, pay off debts, handle household expenses or pay educational expenses for your children.