by 
The Curious Bag
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<h4 class="dechead">On One Hand: Term Life Insurance is Affordable
Investing in term life insurance protects those who depend upon you in the event of your death. The concept is simple. Pay the premiums. If you die within the term of the policy, the death benefit is paid, tax free, to your loved ones. It is the most affordable way to insure your life.
On the Other: Term Life Insurance is Temporary
Should you outlive your term life insurance policy, the premiums paid are lost and you are without life insurance. Another option is permanent life insurance, which will cover you for life, and builds cash value you may cash in or borrow. However, permanent life insurance is more expensive than term.
Bottom Line
Term life insurance works to cover temporary needs that your loved ones would incur if you were to die during the term. Such needs include debts that will eventually be paid off, children's education expenses and lost income. Consider also purchasing a convertible term option that guarantees you the right to purchase permanent insurance at the end of the term.
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