Term Life Policy is devised to offer an affordable way of protection for families who want to have life insurance for a limited period of time. The length of the term is left to the buyer. Shorter periods last for one of two years. On other hand, policy holders can also opt to have a longer term of 15 to 20 years. Term policies are usually defined based on its face value which can be found on the first page of the contract. This amount is subject to change within the life of the policy.