One type of life insurance is term life. Term life is like a lease. It only covers during the term period of the insurance. Once the term coverage is over then it is gone. Term is the cheapest type of life insurance. You can buy it in 5 year increments. For example, you can buy a 5 year term, 10 year term, 15 year term, etc up to 30 years. Term life can be used to cover your LTC, LB, and of course death .