What Is A Term Life Insurance Plan? 
Most Life Insurance sold in the US is term insurance either through an employer , or group or directly to an individual . The concept is that you will be able to buy a certain level of coverage guaranteed at a certain price during some specified time period . So , it would be common to sell someone term life for a term of 10 years , 15 years or 20 years . The policy usually allows this purchase during the `` term '' without having to provide any documentation of insurability . Keep in mind a couple truisms . life Insurance is virtually always more expensive in the future then it is toady . Why ? You grow older . Secondly , a significant amount of Term insurance , never has an actual payout of benefits . Why ? The person insured lives past the end of the term . So while you may need Term insurance for the short term , take a look at whole life or variations of it that allows cash value accumulations . 