A term life insurance policy is the simplest, purest form of life insurance : You pay a premium for a period of time – typically between 10 and 30 years – and if you pass during that time a cash benefit is paid to your family (or anyone else you name as your beneficiary). Is it worth having term life insurance? Term life is good for: Covering the years of a mortgage, so another borrower does not have to sell the house. Covering other specific debts that would be passed on to someone else. Coveri