Term life insurance is the most affordable type of life insurance available. It is designed to meet temporary life insurance needs; providing protection for a specified period of time, the term. For example, a term of 10, 20 or 30 years.

This type of life insurance makes sense if you have financial needs that will diminish over time, such as a home mortgage or a child's tuition. Each year, a premium is paid to cover the risk of death during that year. Term life insurance has no cash value. The only way to collect anything is to die before the term life insurance expires. If death occurs, the life insurance beneficiary generally collects the death benefiit of the life insurance policy, free of income tax.

 Types of Permanent Life Insurance Policies

 Permanent life insurance provides lifelong protection. This type of life insurance policy never ends as long as the premiums are paid. In addition, permanent life insurance provides a savings element that accumulates a cash value over a long period of time.

 In addition to traditional term life insurance and permanent life insurance, there are many other types of life insurance available. No one type of life insurance is better than another because the type of life insurance that suits your situation best depends on your personal and financial circumstances.

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