Term Life Insurance lasts a temporary amount of time, such as 10, 20, or 30 years in length.  Term life insurance is very cheap if compared to other life insurance options.   Term life insurance is often used to cover large loans such as a mortgage or business loan.  They are also used to help your family get by without your income and support.  They can be especially useful for families with children still in school or saddled with college loans.