Term life insurance is a life insurance policy that provides coverage at a fixed rate for a specific period of time, usually 10, 20 or 30 years. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different premiums or conditions. In the United States, a 20-year term policy is the most common. Life insurance, on the other hand, is a policy that covers the policyholder for their entire life. premiums are generally higher than for term life insurance, but coverage is guaranteed for as long as the policyholder continues to pay premiums. So which is better - term or life insurance?