What Is The Difference Between Term And Permanent Life Insurance? 
Term life insurance lasts for a `` term '' of your life . This can be 10 years , 20 years , or however long a term you choose . Most policies stay the same price for the entire term , but not all are guaranteed to do so . Term life insurance should be used for temporary needs , because you never know , when the term ends , if you will be able to afford the much higher premium from continuing it or converting it . And not everyone can get a new term policy due to health or financial reasons . Permanent life insurance last for your entire life . Some policies that are referred to as permanent can indeed lapse if premiums are not increased , so take special care to purchase permanent insurance -LRB- whole and universal life -RRB- from a reputable agent . 