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The most basic type of Life Insurance available is Term Life Insurance. The life insurance policy is typically written from 1 to 30 years. If the insured individual dies within the stated term of the policy, the insurance company pays the death benefit to the beneficiary of the plan.
Term Life Insurance premiums are typically the lowest among the various types of insurances, however the premiums will increase with the age of the insured individual. Premiums on the policy remain static for the term of the policy. However if you were to apply for a new term policy after the existing policy expires you can expect to pay a higher premium. It may be advantages to purchase a longer term. Example would be a 10-year Term Insurance policy over a 5-year Term Insruance Policy depending on your current age.
The Term Life Policy has no cash-value, which basically means that the policy cannot be used as collateral for any type of loans.
Term Insurance is suggested for those individuals who only require a death benefit to be paid for a certain period of time.