From Insurance Lounge

Term insurance is probably the most basic form of life insurance. It provides affordable protection often with a guaranteed premium. If the insured dies 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 cover at a higher premium. The premium for term insurance is initially lower than a comparable permanent insurance policy; however, it can increase at each renewal. This initially lower premium usually makes term insurance an ideal choice for people with a temporary need for life insurance protection.