Which of the following is a common type of life insurance?

Term insurance is a common type of life insurance because it provides coverage for a specific period, or term, which can range from one year to several decades. This type of insurance pays out a death benefit to beneficiaries if the insured individual passes away during the term of the policy. Term insurance is straightforward and typically more affordable than other forms of life insurance, such as whole or universal life, making it an appealing option for many individuals and families seeking financial protection.

Health insurance, disability insurance, and property insurance, while important types of insurance, do not fall under the category of life insurance. Health insurance covers medical expenses, disability insurance provides income replacement if the insured becomes unable to work due to disability, and property insurance protects against loss due to damage or theft of personal or real property. Each of these serves a different purpose and addresses different types of risks, distinguishing them from life insurance products like term insurance.