Term life insurance works as a luxury and is considered to be not necessary by many people , as a matter of fact, it is this that  secures your assets and the most vital asset that is your life one cannot deny the importance of a term life insurance. So if I you are thinking of saving some extra bucks by not paying the premium for the insurance policy, you have wasted your time. May be a cash value life insurance is something you might want to consider. It builds up cash value over time.