by 
The Curious Bag
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Term life insurance is coverage for a specific length of time. The person purchasing the insurance decides the length of the term, along with the monetary amount of the coverage.
Purpose
The number one reason most people buy a term life insurance policy is to protect their family until their children have completed college. After that milestone, policyholders will re-evaluate their finances to see if they need to extend or discontinue the coverage.
Terms
With a term life insurance policy, you choose the length of the term of coverage. Most companies offer coverage for five, 10, 20 or 30 years.
End of Coverage
When the term of coverage comes to an end, the insured is no longer covered and they receive no money back.
Extending Coverage
At the end of the term of coverage, most insurance companies will allow the policyholder to extend the coverage for a new term, at the same rate.
Premium Payments
In most cases, the premium payment for a term life insurance policy is lower than for a whole life insurance policy.
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