Many personal finance experts consider this the best type of insurance for young families because it's affordable, it's simple, and in general you get more coverage for your money. In most cases, the premium will increase each time you renew. The policy will eventually become very expensive, and many people end up dropping the coverage when they are older. Think of term life insurance as a temporary solution to a permanent problem. Make sure the policy you buy allows you to convert to whole or universal life when you can afford to do so.
Universal life is a combination of term and whole life.
The insurance is provided under a term policy, but a portion of your premium is invested in an interest-bearing account. If the policy holder cancels the policy, the cash value will be returned. Universal life is less expensive than whole life and can help to keep your premiums from going up just as you get older. Once you have purchased life insurance don't just put the policy away and forget about it. Annual checkups are important.