Term Life Insurance remains one of the least costly forms of insurance and provides great initial value for your money. Term life insurance is designed to provide protection from premature death for a specified period. That (term) period typically range from 1-30 years and a death benefit is only paid if the insured dies during the specified term of the contract.
Within the term policies there are riders that can be added on to the policy and there are different ways that the premium can be structured. Depending on the death benefit, age of the insured, health history a medical exam may or may not be required to get a policy put in force.