Term Life Insurance provides protection for a specified period of time. Initially the cost is affordable but this type of coverage should be thought of as temporary since it typically has a specified period of coverage or if it renews on an annual basis the cost at later years may make it cost prohibitive to continue the coverage. Term policies may be convertible to permanent coverage. 

Term policies contain no cash values, are designed for pure protection and are particularly suitable . . .

• For protection against outstanding loans and debts for which family members may be responsible.
• For families who feel they cannot currently afford a permanent policy but who need coverage to protect their children from financial hardship due to the potential loss of a parent.
• As a means of protecting against mortgage obligations.
• To guard against uninsurability in the future... if you buy term insurance now, you can continue this coverage and possibly convert the policy in the future even if you become uninsurable.
• To protect key people of a business in its formative years of growth.
• To provide coverage on other family members.
• To purchase time - time to increase your earnings so that the coverage can be converted to a permanent policy without evidence of insurability.