What Does Coverage Length Mean In Life Insurance? 
Life insurance products have evolved into many different forms offering new features and benefits but all the types can be categorized into two basic ones : term and permanent . Term life insurance is for short term needs . They `` self terminate '' meaning that you buy term for temporary needs . It is likely to expire before you do . You can select a level premium for specific time period such as 10 or 20 years and at the end of that time you would need to look for something else if you still need the coverage and are insurable . Some term products may extend beyond the initial period but at astonishingly high rates that only uninsurables would accept . Permanent - cash value - life insurance is designed to not be outlived and will last for a lifetime provided the required premiums are paid for life -LRB- whole life -RRB- or do not lapse due to insufficient cash values -LRB- universal life -RRB- . For permanent needs select permanent life insurance . Consult with a life insurance professional who can show you the pros and cons of each . 