Initially, premiums are generally lower than those for permanent insurance.

It's good for covering specific needs that will disappear in time.

Premiums increase as you grow older.

Coverage may terminate at the end of the term, may become too expensive to continue or you may have become uninsurable.

You do have to "die to win." As unpleasant as that sounds, it's true. Term life insurance provides a death benefit only, for a specific period of time. When the term coverage expires, so does your protection.

Also, if you stop paying premiums, the coverage ends. Period.

As long as the necessary premiums are paid, protection is guaranteed for your entire life.

Premium costs can be fixed or flexible to meet financial needs.

The policy accumulates a cash value that you can borrow against.

The policy's cash value can be surrendered in total or in part for cash or converted into an annuity.

Required premium levels may make it hard to buy enough protection.

It may be more costly than term insurance if you don't keep it long enough.