Valerie,

Term insurance policies are taken out only for a specific term. There would be a payout to the beneficiaries in case of the death of the policy holder within the term. Term life insurance rates are subject to change with the increase in age of the policy holder.
Dont be misguided into thinking that the lowest loan rates are the best life insurance rate. Most policies offering discounts and low rates are no good and you must always do proper research before deciding which policy to buy.