Term life insurance is widely favored for its simplicity and convenience, often being purchased online or over the phone. With term life insurance, individuals select a coverage duration, typically ranging from 10 to 30 years. Upon approval, policyholders establish a contract with the insurer, agreeing to pay premiums regularly. In exchange, the insurance company promises to pay out a tax-free lump sum, known as the death benefit, to the designated beneficiary if the insured passes away within the specified term. Policyholders have the flexibility to name multiple beneficiaries, providing added assurance that loved ones will receive financial support in the event of their death.