Term life insurance policies are designed to provide protection for a specified time period like 10, 20 or 30 years. It provides death benefit protection only if the insured person dies during the policy period.
Term life insurance policy has no cash value.

Various types of term life insurance policies -

1. Renewable term policy: This insurance policy is for a specified term and can be renewed by the policy holder without giving any proof that he/she is still insurable every year. Many renewable term plans are available such as five year, ten year and twenty year term insurances.
2. Level term insurance policy: This type of term insurance policy provides fixed coverage and the premium is also designed to remain fixed for a period of 5, 10, 15, 20 or 30 years. For long term financial planning, level term insurance policy is beneficial since the premium remains consistent.
3. Convertible term life insurance: As the name suggests, convertible term life insurance policy allows the policy holder to convert the term life insurance policy into permanent life insurance policy. The policy can be converted without having to prove that the insured is in good health.
4. Increasing/Decreasing term insurance: With increasing or decreasing term insurance policy, the amount of coverage of the policy increases or decreases throughout the term period but the premium remains same.
5. Mortgage insurance: This type of life insurance policy pays off the mortgage amount in case the insured dies and the mortgage has not been fully paid.

Some term life insurance policies come with 'Return of premium' feature. It provides refund of all or some amount of premium at the end of the coverage period if no death benefit was paid. The premiums for policies with this feature will generally be higher as compared to policies without it.