The important thing to remember is that the death-protection-only element of term life insurance makes term coverage less expensive than the same face amount payable under ordinary life-often 3 to 10 times cheaper. Anyone with a need to replace a large loss of income in the event of your death will most likely want a term life plan because it's cheaper.

The main advantages of the ordinary life plan are that it provides premium payments that stay the same and have the additional benefit of creating a savings. Term life insurance premiums increase as you get older and may become too expensive. If you have to cancel term insurance because it is too expensive, your heirs will be left without benefits.

Term life insurance provides the face amount of the policy upon the death of the insured. If the insured does not die, then the term life insurance ends. It also may offer an option to renew up to a certain age, regardless of your health, but typically at a higher premium or lower face amount.

Types of Term Life Insurance

Veterans Group Life Insurance (VGLI) is a term life insurance product provided by the VA. Since it is a five-year term life insurance policy, it is renewable regardless of your health, but premiums may increase within that five-year term, depending on your age.

Decreasing Term Life Insurance, for which benefits decrease over time, usually to liquidate the declining balance of an obligation or loan. Veterans Mortgage Life Insurance (VMLI) is an example of decreasing term life insurance because it pays off the declining balance of a mortgage up to $90,000 upon the death of veterans entitled to compensation for service-connected, permanent, and total disabilities under conditions described in the Web site mentioned above.

Compare Costs
You will find competitive premiums and should be compared against any group life insurance provided or available through your employer or association membership. You only have 120 days following separation from service to apply, unless you have a service-connected disability that may give you up to a year if you were granted extended free SGLI coverage. Go to http://www.insurance.va.gov or call 800-669-8477 for full details. Compare VA-provided insurance to that offered by associations catering to the military, such as USAA. They offer military personnel some of the least expensive life insurance policy types in the insurance industry, whether you choose term life or ordinary life. For information on USAA policies, go to: http://www.usaa.com for more information.