Term insurance has two features that make it attractive: A guarantee on the premium and survivor benefit for a defined amount of years, depending on the company, age of the insured, and other factors. No capability of accumulating cash inside the policy. You can't pay an extra premium to get extra benefit. Term Insurance come in increments of 5 year Term through 30 year Term, which allows you to have choices based on your needs budget and your particular situation. Term insurance offers financial security for the entire family in case of the unfortunate death of the policy holder.