Why Have Term Life Insurance? 
Term Life Insurance is for `` temporary '' needs . E.g. . If you have 25 years left on your mortgage , purchasing a 20-30 year term life insurance policy is a cost effective way to cover that substantial debt . You do not purchase Term life insurance to borrow from in the future , because Term life insurance does not have cash value . It is generally the lowest cost form of coverage because it may end before death occurs . 