Reason #2
"Risk! So What? Not only are we the inflation generation, we are children of the nuclear age. We've lived our entire lives with the risk that some lunatic would press the wrong button. We live in an age were there is no security. Fortune 500 companies go bankrupt, college graduates are working as waiters and we have armed guards in high schools. A little more risk with the possibility of reward is no biggie.
Hence the birth of the pharse: "Buy Term Insurance because you can buy alot for a little and invest the difference that you would have paid for a Whole Life policy in a higher yield product". The baby-boomers began telling the insurance industry that we would buy their Term, but we would "invest the rest" elsewhere and if we could not do better, we would take the money to Las Vegas and at least enjoy losing it.
Term Insurance is designed to provide Death Protection Only for a definite and limited period of time. If the insured dies during the term, the policy matures and the insurance company pays the face amount of the policy to the beneficiary. If the insured doesn't die during the term, the policy expires. It is particularly suitable for a person who has only a temporary need for insurance, for a person who may want permanent insurance in the future, or for the person who has the discipline to by term and really invest the rest.