The most common and generally the cheapest form of insurance. With term insurance you pick a specific amount of time generally 10-30 years, and a specific amount of benefit, as long as you pay your premium if you pass away within that time limit the insurance will pay a death benefit. It’s important to note the premiums on term life will not increase during your selected term. The downside to this type of insurance is that when the term is up you will need a new policy and the money you paid into the policy is gone. The upside is that you’re still alive!