Term life insurance available through covers the policyholder for a specific amount of time, which is known as the term. The term lengths vary according to what the individual chooses. Terms typically range from 10 to 30 years and increase in 5-year increments.Among the most popular life insurance products available, term life tends to be more affordable. It typically provides an amount of coverage for much less than permanent types of life insurance.
Depending on the type of policy, term life insurance available can offer fixed premiums for the entire term. The death benefits can be fixed as well. Because it's affordable and the payments can stay the same, term life insurance is popular with young people just starting out, families and people who want protection for a specific period of time. (For example, someone who wants to protect an income until retirement or while paying off a home mortgage.)