term policy

American  

noun

Insurance.

1. a policy whose period of coverage is in excess of one year, usually paying a reduced premium rate, as in fire insurance.

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Etymology

Origin of term policy

First recorded in 1895–1900

Example Sentences

For a 50-year-old male in good health, a 20-year $1 million term policy roughly averages at $234 a month.

From MarketWatch

Consider the experience of this reader in his 80s who maintained a $250,000 term policy long after his level-premium period expired.

From MarketWatch

Parliament should give the new department "core objectives and mandates" that "endure beyond the tenure of individual ministers" to avoid repeated short term policy change, the authors say.

From BBC

You should be prepared for this whether you are applying for whole life or a term policy.

From Encyclopedia.com

Since Natiello's two kids are now out of college and he has some universal coverage, the former Wall Street trader decided to let his term policy lapse.

From Reuters