Term insurance provides temporary life insurance protection for a stipulated period of time. The sum assured of the policy is paid to the beneficiary when death occurs during the stipulated term. Nothing is paid upon the survival of the insured at the end of the stipulated term. Being the cheapest form of insurance, term policies are best suited for those who require insurance protection at the lowest cost, such as fresh graduates with relatively low disposable income. Term policies are not available to children below the age of 16.