The importance of life insurance is well-known. Life insurance protects you and your family by ensuring that your family gets a payout in the event of anything happening to you. Getting your life insured is a must and most people get insurance policies for adequate protection. You must be aware that most of the life insurance policies are whole life insurance policies. These policies are expensive and this makes many people worry if they can afford insurance. Term life insurance is an alternative that is less expensive and can help save a lot of money on premium payments.