What Does A Term Life Insurance Mean? 
Think of term life insurance as temporary protection against economic liabilities for a family or business . T.E.R.M. = Temporary Expense Reimbursement Money . Term life insurance is a guaranteed premium and death benefit coverage for a certain period in time . Most term life insurance coverage is guaranteed and generally offered in five year increments : 5 , 10 , 15 , 20 , 25 and 30 . A few companies actually allow you to customize your guaranteed period of coverage with certain limitations on age and product offering . 