Term insurance is a basic life insurance policy that only covers you life and does not provide any kind of assets building benefits. Term insurance plans have the lowest premium as it is just a protection plan. A pure insurance protection plan, it builds no cash value.
Term insurance is good for you if you do not want to spend too much money on insurance premiums. Though the basic premium rate offered by an insurance company is not negotiable, you can still get the insurance cost lowered by other means. You can select a term plan that offers you no money in case you survive the term of the policy. This is the purest form of life insurance. It provides your family with viable income but offers no benefit on survival. You can also offer to pay premiums annually. The more premiums you pay in a year, the higher will be your premium costs towards the policy. To further reduce the amount of premium, do not purchase riders or additional benefits that do not add value to your insurance needs.