Life insurance issued for a stated temporary period of time. These policies provide benefits in the event of death, but they generate no cash value. If you have a limited amount to spend, and only need insurance for a finite period of time, you may be able to get more coverage by buying term insurance than by buying cash value insurance. Standard life insurance is for those who fulfill the physical, occupational, and other requirements on which most of the company’s policies are issued. Someone whose requirements are more favorable may be eligible for a "Preferred Risk." When the applicant's characteristics are less favorable, they may be characterized as "Rated" or refused coverage altogether.