Term Life Insurance lasts 10, 20, or 30 years, then ends. It balances affordability with long-term financial strength. It does not build up any cash value. The term life insurance can be classified into decreasing term, convertible term, and renewable term. The renewable term life insurance with coverage decreasing over the life of policy at a predetermined rate is called a decreasing term life policy. If the beneficiary is allowed to convert the term policy into the permanent one, then the policy is a convertible term life insurance. And the renewable term life insurance provides a quote for the year the policy is purchased; there is an annual increase of premium; while it is considered the least expensive term insurance in the beginning.