What Does Term Life Insurance Cover? 
Term life insurance covers you and your family 's -LRB- i.e. your spouse and children -RRB- lives . If you are speaking in terms of illnesses or health issues , then that would depend on the company . Each company has different guidelines and risk classes in reference to what they will accept and will not accept . The amount of coverage is based on your temporary financial needs . If you die from anything -LRB- other than suicide , as mentioned above -RRB- your family will be compensated to financially accommodate their loss . Unfortunately the insurance company can not emotionally accommodate your family 's loss ; but at least they wo n't suffer financial burden as long as you have the right coverage in place . 