Although life is full of happy milestones, we all have to deal with unforeseen challenges that can result in financial hardship. Term life insurance can help your family to continue to meet financial obligations such as mortgage payments and college tuition in the event of your unexpected death. With a fixed premium and a set amount of coverage, term life insurance is useful if you only need coverage for a specific time period such as 10, 15 or 20 years, and pays a benefit if you die within the designated time.