The term life insurance policy is a kind of coverage that is aimed towards persons who have their families to support. But then, persons who might not have any dependents or family can get some good benefits like coverage for self funeral expenditure and so on. This kind of insurance only covers the person for a said time period, after which there might not be any kind of obligation for retaining the policy.
The main purpose of obtaining term life insurance policy is to get protection for a certain period of insurance without the need to accrue any extra cash value as in the case of a whole life insurance policy and various types of universal life insurance policies.
Term life insurance not only functions as a means for paying final expenses but also exists towards covering the financial responsibilities of the insured. Some of financial responsibilities include consumer debt, mortgages, college tuition fees for dependents, dependent care and so on.
Normally a term life insurance is needed to be taken for a minimum of ten year, the main reason being the declining health condition of a person as he grows older. If he has taken for a shorter period of time, it would not be possible to obtain coverage if the person falls ill seriously after the expiry of the said period.