It provides support for the beneficiary of the policy. When deciding how much insurance to purchase, it's important to calculate how much your survivors will need if you were to die prematurely. Life insurance needs change over the life span, generally decreasing with age. A single person with no dependents may only need insurance to cover burial costs and major debts. While a head of household will likely need income-replacement funds, funds to cover living expenses, major debts, burial costs, and future college costs for the children.
Term insurance is the best buy, providing the most protection for the least cost.
It has no savings plan. It provides protection for a specified term, much like auto insurance. It can be purchased for one, five, ten, or twenty years.