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Temporary protection with no cash value. It provides life insurance coverage only for a specific number of years. When that period ends, coverage ends. Some policies have a feature that enables you to convert the policy to a permanent one without having to medically requalify, if you convert within a specific time. Term coverage is a great way to inexpensively pay for what could be considered a potentially financial disastrous life changing experience that could happen when a loss occurs within your family.