Term life insurance is policy protection which has a coverage for only a specific span of time, such as retirement or when your children become legal and emancipated. There is a strong competition among life insurance companies. Because of this competitiveness, you are able to find immense companies tendering various types of policies.
The most affordable type of life insurance is a term life insurance policy. It allows you to set aside your extra money in the form of investment. But, it can not be accumulated into cash value. As you get older, the premium you pay gets higher, too with each renewal. However, when you die while paying for the period of the policy, you beneficiary will receive the amount you have agreed upon.