Term Insurance is the low-cost, temporary insurance protection. It is generally used to meet a temporary need (example - mortgage protection) or a need for a large amount of insurance at the lowest possible initial price. Important things to consider when buying term life insurance: Term Insurance is a low-cost protection. It is generally used to meet a temporary need e.g., mortgage protection, or a need for a large amount of insurance at the lowest possible initial price. When buying term life insurance, it is important to consider the renewal period. If it is a possibility that you will need your coverage after the first renewal period (after 20 years for a 20-year term or after 10 years for a 10-year term), be sure to compare both the initial premium and the renewal premium to confirm whether the renewal rates are guaranteed at the quoted level. What would happen if your health deteriorated since you purchased your insurance and you still need life insurance? Are you locked into high renewal rates?