Term Life Insurance:

Term life insurance policies are policies that provide affordable, temporary coverage. Term policies contain no cash value, are designed for pure protection. Term life insurance policies offer insurance protection for a specified term or period of time - typically, one, five, 10, 15, 20 or 30 years, or until a specific age (such as 65). Premiums may increase each year (annually renewable term) or remain level for a set period (level term), and the insurance is generally less expensive than permanent (cash value) life insurance. At the end of the term period the policy may contain a provision permitting it to be renewed without a medical exam, although the premium rate probably will be higher. Some term life insurance policies include an option to convert to a permanent life insurance policy. In addition to providing necessary coverage at an affordable rate, Term life insurance protects your insurability. By buying a convertible Term policy now, you can convert your policy to a permanent life insurance policy without providing evidence of insurability even if your health tomorrow is not as good as it is today.

Suitable Uses Of Term Life Insurance:
For protection against outstanding loans and debts for which family members or others may be responsible;

For families who feel they cannot currently afford a permanent policy but who need to protect their children from  financial hardship due to the potential loss of a parent.

To guard against uninsurability in the future: If you buy term insurance now, you can continue this coverage even if you become uninsurable.

To provide coverage on other family members

To protect key people of a business in its formative years of growth

To purchase time - time to increase your earnings so that the coverage can be converted to a permanent cash value life insurance policy without evidence of insurability