Life insurance is a contract valued. There are basically two types of life insurance, term and permanent. The combination of protection and the accumulated cash value is characteristic of any permanent life insurance.

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It provides the only practical arrangement to provide insurance protection for all of a person's life without the possibility of a prohibitive cost.

The term life insurance policy provides temporary protection. Beneficiaries may receive the death benefit if the insured dies within the limited period of time, generally ranging from one to 30 years. These policies expire at the end of a specific period of time, usually no more value.

Long-term life premiums are low and are calculated to be sufficient to cover the costs of mortality and expenses for the insured period. 

The death benefit is payable if the death of the insured occurs during the term of the policy and while the policy is in force. The net premium of the long-term policy is determined by the mortality rate for the attained age of the person concerned. 

Subject to minor exceptions, mortality rates increase with age, and the premium of net long-term insurance policy required to pay death claims increases at the beginning of each new term. 

In addition, because the death rates increase at a pace more and more as age increases, the net premium also increases at an increasing rate as with a staircase rises higher and higher.