Why should you buy term insurance?

Answer 1

Term insurance offers flexibility of terms, from 1-30 years of coverage.

Term insurance offers the most coverage at the lowest cost for young people.

Term insurance provides coverage that can fit almost any budget.

Term insurance may offer rates and coverage that remain level (the same) for the entire term of the policy.

AnswerIf you're looking for a simple insurance policy to cover your family for a temporary period, you should consider term insurance. If you have dependents, a term life insurance policy would ensure coverage for their financial needs if you were to die unexpectedly. Many people buy term life insurance so that their families can use the death benefits to offset loans, mortgages, etc. Some use it to provide a college fund for their growing children. The elderly may use it to provide coverage for their surviving spouse.

Additional answer

The original question asked whether you should buy term assurance. This may imply assurance of any sort, or whether term is better than whole-of-life. The advantage of the latter is that it is there for as long as you need it, whereas someone might take out say 20 year term assurance and then find in the 20th year that actually they want it for longer, but they've just had a serious illness and can't get more assurance now.