Term life insurance rates are used to calculate the cost of insurance policies that provide coverage for a specific period of time, such as 10, 20, or 30 years. These rates are based on a number of factors, including the age, health, and lifestyle of the insured individual, as well as the amount of coverage desired.
Term life insurance is often a more affordable option than whole life insurance, which provides coverage for the entire life of the insured individual. However, term life insurance does not build cash value over time, unlike whole life insurance.