Life insurance is risk coverage in the possible event of death during a specified period of time; this type of insurance is often known as term life insurance or temporary life insurance. This set term is often around 20 years, and usually associated with events like a mortgage or children. Term life insures that your spouse or child will be financially secure for debts and provisions in case of unlikely death.

A specific cash value is not often associated with term life insurance. Life insurance attached to a mortgage (often a requirement) decreases its payout as the overall cost of your mortgage decreases.

It is necessary to consider how much coverage is required, whether the insurance policy can be renewed if needed, whether benefits are allotted over time or as one lump sum, and what exclusions are involved that could interrupt payout.

Premiums are affected by the policy insured's health and lifestyle, but are in general much lower than those associated with investment life insurance, also known as life assurance.

It is important to compare premium prices for term life insurance, as the costs can vary widely. By spending just a little time to compare quotes, you can save a lot of money and trouble on premiums.