Term life insurance can be short term or long term, temporary or permanent, or used as an investment, or a retirement vehicle. There are many different types of life insurance available to consumers, term life insurance is generally regarded as the most inexpensive type of life policy. In general, a life insurance policy pays a monetary benefit to the named beneficiary upon the death of the insured. Popular types of insurance include: whole life, variable life, and term life. While part of the premium in a whole life or variable life insurance policy goes into an investment fund, no part of the premium in a term life insurance policy is used for investment purposes. In short, the premiums in a term policy pay for the insurance.

Term policies are by far the cheapest form of insurance–at least in the beginning. For instance, a 25-year-old, non-smoking female, may pay $2,000.00 a year for a whole life policy with a death benefit of $200,000.00. However, the same policy in term form may only cost $250.00 per year. However, the whole life policy premium never increases over the years and also carries a cash build-up which can be used or borrowed at any time. The premiums on the term policy will increase as the insured grows older. For instance, when the 25-year-old female has her 65th birthday, her annual premiums for that same term policy may be $12,000.00 per year, instead of the $250.00 when the policy was first ordered.

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