Feel that you need life insurance but don't think you can afford it in your budget? If so, perhaps you should consider looking at term life insurance quotes. Term life insurance premiums are generally much cheaper than either whole life insurance or universal life insurance policies, particularly if you are young and in good health. This type of life insurance does exactly what you expect it to do by covering your beneficiaries if you die.

The way it works is that you buy a term policy for a specified time period, typically five, ten, twenty years. During that "term" you pay a specified premium. These premiums can be paid on a monthly, quarterly, and even an annual basis. Your beneficiaries will receive a death benefit should you die during the term of the policy. This sounds simple enough, but as with everything else, there are some loopholes and complexities involved.

Term life insurance policies are very popular because of their low cost and relatively long term of coverage. These policies provide a low cost way to get maximum insurance protection for a set period of time at a fixed cost. The premium rate you pay for term insurance is guaranteed to remain the same low amount for the duration of the term of coverage selected. Many insurance companies offer term insurance policies for periods of 5, 10, 15, 20 and now even 30 years.

One of the complexities regarding term life insurance quotes is that the death benefit may not be the same throughout the term depending on whether you choose decreasing, level, or increasing term insurance. So what about when your term is over? That's where renewable and convertible term life insurance comes into play. Suppose you want a basic ten year life insurance policy with the death benefit to remain the same throughout the policy, and then at the end of the term you would like to convert to a different type of policy such as a whole life insurance or universal life insurance policy which has cash values and you'd like to do this without taking another medical exam. In this case you might choose a level term convertible life insurance policy.