According to my favorite online reference, wikipedia.org, there are several types of life insurance.  I never thought that there are different types until I read an article from that site.  So here are the different types of life insurance.  Permanent, Whole Life Coverage, Universal Life Coverage, Limited Pay, Endowments, Accidental Deaths and Term Life Insurance, which I will be discussing in this article.

Term Life Insurance or term assurance is a type of life insurance that provides coverage for a specified term of years for a specified premium.  Meaning a policy holder is insured for a specific period only.  Let’s say you buy a term life insurance for two years then you are only insured for two years.  Since this type of insurance is only for deaths and nothing else, if your death occurs beyond the specified term in your contract, then your beneficiaries will not get any pay or benefits from the insurance company.  So what are the things to be considered in getting this type of life insurance?  It would be the face amount (protection or death benefit), premium to be paid (cost to the insured), and length of coverage (term).