Term insurance is life insurance in it's most simple form. These term life insurance policies will stay in force for a specific number of years, for example, 20 years. At the end of these periods of time that is the end of the policy.

If you had died within the 20 year period, for example, your beneficiary would have received the full face value of the policy. If you should die after the 20 years have expired then there is nothing payable to your beneficiary.

Many term life insurance companies include a clause in the policy which allows you to convert your term policy to a permanent whole life insurance policy within a specific period of time. The reason that you will find this clause particularly attractive is that somewhere along the line you may find that you have developed some type of ailment that would prevent you from purchasing additional life insurance.

If you have a term life insurance policy which includes a conversion privilege and your policy is still within the period allowed you may convert it to a permanent life insurance policy, even though you may not be able to qualify under normal conditions.

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