As compared to the permanent life insurance, the term life insurance gives you a cover for a shorter period of time. For a layman, life insurance means buying a kind of protection for your family and loved ones and if you need it for some time where you feel that after a few years, someone else or your children will start earning and you will not be solely responsible for them, you can buy a term life insurance policy for a few years only. While buying a term life insurance cover, you can specify the number of years that you need it for.
Compared to the other policies, because a term life insurance policy is for a shorter period of time, its premiums are lower too. You can stop paying the premiums whenever you want to and you will not be charged with any kind of penalties. You can even convert the term life insurance to a permanent life insurance anytime if you feel the need and your premiums will increase accordingly.
