What Is The Difference Between Term And Non Term Life Insurance? 
That is a great question , and one of the most common ones I get ! There are two types of life insurance , term and whole life -LRB- non-term -RRB- . The term policies are very cheap , because they are bare bones policies with no frills , and are seldom paid out . The only way to collect on this type of policy is to pass away during the specified term period . This period is generally stated in a number of years , 5 , 10 , or 20 for example ; but some companies like AARP , or AAA will market term policies that end when the insured turns 80 , so the end date is set , not necessarily the number of years until that point . In any event , the term policy ends at that point , and it is as if it never existed . You may be able to renew it yearly , but the price increases dramatically -LRB- yes , I mean dramatically -RRB- each time . A whole life policy will last as long as you do , and generally the price never increases . It will be more expensive , but your payout is guaranteed , as long as the policy remains in force , and it will have a cash value feature that is great if you ever get into a bind , and need some quick no hassle loans . That is a quick explanation , I hope it helped . Thanks for asking ! 