Owners of whole life contracts commonly choose the more affordable extra coverage that term insurance provides directly prior to starting a home mortgage or family, when the need for life insurance typically becomes more clear.
Term life insurance contracts, also known as pure insurance policies, provide life insurance coverage to individuals for a specific period of time, or term, commonly issued with five -, 10 -, 15 -, 20 -, 25 - and 30 - year terms.