Such life insurance also provides an increasing cash value that you can take out or borrow against, and you need not reach any specific age in order to make a withdrawal. The premiums stay level even if inflation doesn't. Term life insurance is set for a specific number of years. If you die within that period, the policy leaves a specific amount of money to your beneficiaries. There's no cash value.
Premiums are typically much cheaper than for permanent life-insurance policies.
When you stop paying, your insurance stops. The owner of a life-insurance policy is the only one who may designate or change the beneficiary. In order to determine how much insurance you need, you must consider many factors. Look for an insurance professional who can present you with a number of options that meet your needs. Ask people you trust for recommendations, or consult with your state insurance commissioner's office.