Term life insurance is a form of life insurance with a policy that is in force for a set period of time. This period of time is usually 10, 15, 20, 25 or 30 years. Once these years pass, the policy will terminate. You may be able to convert your policy to a whole life plan if you outlive the term of your term life policy. This would increase your premiums however, as they would be recalculated for your life expectancy at the time of the term life ending.
Term life insurance is the best choice for many people seeking a plan with low premiums. You may be able to obtain the same death benefit for your beneficiaries with a lower monthly premium if you choose a term life policy rather than a whole life policy.