Term life insurance is the most basic form of life insurance. It provides affordable protection, often with a guaranteed premium, for a designated period of time. If the insured should die while the policy is in force, the face amount is paid to the named beneficiary. At the end of the premium guarantee period, the insured can renew the coverage at a higher premium. The premium for term life insurance is initially lower than a comparable permanent insurance policy; however, it can increase at each renewal. This initial lower premium usually makes term insurance an ideal choice for individuals with a temporary need for life insurance protection, such as a mortgage.  The rate is based on your family history of disease, but this type of insurance is very affordable.  An example of one client is $430/year for 500,000 million coverage.