Answer to Readers Question: Term life insurance is the simplest,and usually the cheapest, form of life insurance that you can purchase today. Term life insurance provides protection for a specific period of time and remember if you buy term life, when the term ends so does the insurance. Also the money you spent on purchasing the policy is gone. It pays a benefit only if you die during the term specified in your policy. If you are living the policy expires without value. It is sometimes called “temporary life insurance.”

Term Life Insurance provides protection for a specified amount of time and only pays benefits if you dies during that period. You can purchase a policy for 1, 5 or 10 years.