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Term Life Insurance provides protection for a limited period of time, such as 10, 15, 20, or 30 years, and pays a benefit if the insured dies during this period. Although term policies do not accumulate cash value, many do offer a feature that allows you to convert to a permanent policy within a certain time. This can be beneficial if you'd like to buy a permanent policy but your budget right now does not allow it, or you like having the option to convert to a permanent policy later on.
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