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Life
Term Life
Term life insurance is pure insurance protection with no savings element involved with the policy. It is typically the cheapest type of insurance on the market for that reason. The policies range from lengths of time in force or "Term" of 1, 5, 10, 15, 20 years. Recently companies have offered 25 and 30-year products as well. When purchasing term insurance the one element that you need to be aware of is the length of time the premium will remain level and how long the guarantee period for level premium is. Most companies will offer 5, 10 or 15-year periods of guaranteed premiums during which time they can not change the premium for policies all ready in place. However, after that "guarantee period" has expired the company has the right to increase the annual premium up to the maximum amount stated in the policy.
The common belief with term insurance is that you only have an insurable need (income replacement, mortgage/debt payoff, fund college education and provide funeral expenses) for a short time period not your entire life, so you should not hold a life insurance policy for that entire period. But instead, over the course of your working life eliminate some of the needs and then have enough retirement savings set aside to "self-insure" yourself against the other needs.
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