Term life insurance is very convenient to apply and is very beneficial. This insurance policy is a form of pure insurance because when you avail of a term insurance policy you are only buying a death benefit. Unlike with other types of permanent insurance such as whole life, universal life or variable universal life, there is no additional cash value built up with this kind of policy. Term insurance only gives you a specific death benefit. The coverage of this policy is for a defined period of time which is multiples of five years, such as one – five – ten – fifteen years and so on. Once the policy is in force it only remains in force until the end of the term. You are required to pay the premiums for that particular period of time.

There are a few term insurance policies that are renewable at the end of the term. With this type of life insurance the death benefit remains the same throughout the term of the policy. As the insured gets older, the premium of the insurance gradually increases. However, in the case of term Insurance policy, the premium remains the same, but the death benefit goes down as time goes by. Most term policies can be changed to permanent policies within a specific period of years. If you decide it is important to retain the insurance coverage, you can change the term insurance into a permanent one.