Term Life Insurance 

Term life insurance pays a specified face amount (i.e., death benefit) if the insured dies during the policy term. The level term period is usually specified as a number of years, such as 10 or 20, or to a specified age, such as age 65. If the insured outlives the specified level term period, the term life insurance can be continued, but at a premium cost that increases substantially each year and is frequently not economically viable to maintain. Term insurance has no cash value. Premiums for most term contracts are fixed and guaranteed at issue. The majority of term contracts provide level death benefit coverage, although decreasing and increasing death benefit coverage is available as well.