Given its affordability, Term Life Insurance is the the most common type of  policy. The premium on a term policy is low compared to other types of life insurance policies due to the fact that it carries no cash value. A term life insurance policy pays a specific lump sum to your designated beneficiary upon your death. The policy protects your family by providing money they can invest to replace your salary, and to cover immediate expenses incurred by your death. Term life insurance is best for young, growing families, when financial needs are especially low.

Pros:

Affordable coverage that pays only a death benefit, Term Life Insurance initially tends to cost less than other insurance policies mainly due to the fact that, unlike other policies, it has no cash value.

Cons:

Term Life Insurance premiums increase with age because the risk of death increases as people get older.  Some term premiums may rise each year, or after 10, 20 or 30 years. Over the age of 65, the cost of term insurance becomes very expensive, often unaffordable.