Term insurance is generally the least expensive and least complicated type of life insurance.
If you die within the term period, a death benefit is paid to your beneficiary. If you are still living at the end of the term, protection ceases unless the policy is renewed. People with a temporary need for life insurance protection. Those who need a large amount of insurance protection but have limited budgets. If your needs change, most policies allow you to exchange your term policy for a permanent life insurance policy without having to take a medical exam or provide other information about your health.