Term life insurance policies are generally considered to be the most accessible policy type. They allow individuals to put back certain amounts of money, known as premiums, to be paid to any beneficiaries if the individual should pass away. These payments can be made in installments, lump-sums, or annuities, though the lump-sum is the most common option. Additionally, term life policies are considered to be more affordable than many comparable options. However, these policies are so affordable because they are limited to set terms and will expire after that period is up (usually 20 years).
Term life policies offer no hidden fees, policy cancellation without value lost, and affordability to any group life insurance individual. However, these policies do expire, potentially leaving individuals without life insurance coverage.