Those who choose this policy have the peace of mind that, while they've covered their premiums for duration of the policy, they can leave a bank of funds for their family.

About term life insurance:

Term life insurance policy is designed to cover cost of your family if you are unable to perform your role in their lives. It provides you with the comfort that your family will receive the finance.

It is a complete protection. You can take out term life insurance policy on your newborn baby only. These products give you complete financial protection to your newborn.

Pros of term life insurance:

Term life insurance offers a security against death of your income earner. With an company you can have your dependents covered against death of the sole breadwinner, you will get coverage for kids.

-It will pay you for every other month until your death. -Nobody knows if you are going to die or not and therefore you will never be penalized for dying without a policy.

Pros of term life insurance:

If you have a healthy lifestyle, you can save up and buy a term life insurance plan that will cover all the financial liabilities to your family. But this will be only for your parents or children. 

This often comes with a higher premium. If you calculate cost in terms of life years, it can work out cheaper than term life insurance. Life insurance premiums come down.

Cons of term life insurance:

Term life insurance policy coverage protects your family & assets from any losses due to loss of the policyholder in case of untimely demise. Term life insurance is much like a home insurance policy.