What Is The Major Advantage Of Term Life Insurance? 
The major advantage of Term Life Insurance is it 's low cost per thousand dollars of coverage . Of course , this price goes up drastically when the term ends , so that is only an advantage if you no longer need the policy after the term expires . Another advantage of Term insurance is that it usually does ensure that you are insurable the rest of your life . If you get a policy that can be converted to permanent insurance for a number of years after the policy was issued , you can change it to Whole or Universal Life with no health questions asked . The price will be high , because it is permanent insurance and will be issued at the older age you are when you do the conversion . But that still is a major advantage , if you would happen to be diagnosed with a serious illness and are unable to get a new policy . 