Different terms for different needs. Accidental Death Insurance. If death occurs during the term, the policy pays death benefit to the beneficiary. However, once the term is over, and if the policy is not renewed, the coverage ceases. If death occurs after the coverage ceases, no death benefit is paid out.
Term insurance is the most straightforward type of life insurance and the easiest to understand.
All term life insurance policies cover you for a specific amount of time - the term. The term that's right for you depends on how old your children are, how many years before you retire, and other factors. Many people like to know they're insured until they're ready to retire, usually at age 65. Many just want to have insurance until their youngest child graduates from college, and so they make sure their life insurance coverage includes money to pay for all of the college tuition. Most experts agree that you should carry insurance at least until your youngest child is 18.