Term life insurance is life insurance that provides protection for a specific period of time. It insures against the unthinkable - a premature death. This type of policy only pays your beneficiaries if your death occurs within the period of time you're covered. Otherwise, it expires with no value. Typically, these periods of time, or "terms", are offered in increments of 10, 20 or 30 years. Many experts will recommend that you choose a length of time that meets the financial needs of your family. You'll want to consider several factors like the number of years left on your home mortgage and how many years before your children become independent. With term insurance, once you finalize your policy, your premiums are locked in until it expires. For this reason, term life insurance is often appealing to people who are seeking to cover themselves during specific phases of life, or to meet a specific need. For example: some people want to provide financial protection to their loved ones during their prime earning years. Term life insurance policies can be beneficial for those with growing families or ongoing debts. You can choose a term length based on your needs, and ideally have the policy end when your financial responsibilities lighten. Because it doesn't carry any value after its expiration, term life insurance can usually be offered at an affordable rate, making it an attractive life insurance option for families on a budget. With term insurance, once you finalize your policy, your premiums are locked in until it expires. Some term life policies, known as "convertible" policies, can be converted it to a permanent life insurance policy in the future. This can be appealing for those who know they need to purchase insurance, but are uncertain about long-term financial plans. It is important to note that convertible life insurance policies can only be converted during a window of time specified in your contract with your insurer.