Flexibility: Choose term lengths matching financial obligations — 20 years for mortgage protection, 30 years until retirement, 10 years until children graduate.
Convertibility: Most term policies include riders allowing conversion to permanent coverage without medical exams. If your health deteriorates, you can lock in permanent protection [^43^][^44^].
Term Life Insurance Cons
Temporary Coverage: If you outlive the term, you have no death benefit. Renewal at age 55 costs 5-10x more than your initial rate.
No Cash Value: Pure expense with no savings component. This is actually mathematically preferable, but feels psychologically unsatisfying to some buyers.