When looking for life insurance, be aware that there are a few different types of insurance that will pay different benefits. Term life insurance is good only for a certain period of time. The time is set when you purchase the policy.
If you cannot afford to spend a lot of money on a policy, you may want to look into term life insurance. The rates are usually fairly low per “set amount” of insurance because the policy doesn’t accumulate any cash value. The policy pays the benefit upon death of the insured as long as it is within the specified time of insurance coverage.
However, if the policy is cancelled by you or the insurance company for any reason, it is worth nothing. So the two main things to remember with term life insurance is that it only lasts for a specific amount of time and it accumulates no cash value.