Q: What are the advantages of a term insurance policy compared to a cash value policy? How can I lock in a premium and maybe get money back at the end? -- Wilbert Casher, 37, Mobile.

A: Term life insurance offers you protection during a limited number of years, expiring without value if the insured survives the stated period, which may be one or more years, but usually is five to 20 years, because such periods generally cover the needs for temporary protection.

Term programs really only have one advantage over cash value policies. That advantage is the price. Term insurance is typically much cheaper than whole life insurance, a permanent-level insurance protection from policy issue date to the death of the insured. It's also cheaper than universal life insurance, which is a flexible premium, two-part contract containing renewable term insurance and a cash value account that generally earns interest at a higher rate than a traditional policy.

However, with term insurance, after the term is over, expect the price to increase significantly. Compare it to renting versus buying a home. In the beginning, renting is much cheaper, but in the long run buying is cheaper.

The second part of your question is really simple. The only real way to get money back at the end of your need for life insurance is to use a cash-building policy or one that has a return of premium option. Most of these policies have a level premium that will not increase.

Financial advisers recommend consulting a professional before purchasing or investing in insurance products.

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