Term life insurance is generally a death protection only type life insurance.  This  makes term coverage much more affordable than the same amount payable under ordinary life-often 3 to 10 times cheaper. Anyone with a need to replace a large loss of income in the event of your death will most likely want a term life plan because it's affordable.

Term life insurance premiums increase as you get older and may become too expensive. If you have to cancel term insurance because it is too expensive, your heirs will be left without benefits.


Term life insurance may have a no non-forfeiture provision, but during the term chosen, it provides the face amount of the policy upon the death of the insured. If the insured does not die, then the term life insurance ends. It also may offer an option to renew up to a certain age, regardless of your health, but typically at a higher premium or lower face amount.

The amount of life insurance that you'll need depends on many factors.  Be sure to consider your spouse, children, debts, house payment and lifestyle before you decide.

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