Term insurance is the cheapest form of insurance. It is simple to understand. Option to select the length of the term for which you would like coverage and the premium amount is fixed and does not increase during your term period. During the early years of a term policy, the premium will usually be significantly lower than for cashvalue life insurance. In case of an untimely death, dependents will receive the benefit amount specified in the insurance agreement directly on filing the claim with supporting documents. You can customize term life insurance with the addition of riders, such as child benefit or accidental death. Another popular feature of term insurance is the return of the premium. They may give the benefit of returning 100 per cent of whatever you have paid.