Annual renewable term life offers coverage for one year. You can renew your policy at the end of the 1 year term, but the premium increases each year. You may renew your annual coverage up to a certain maximum age limit.
Decreasing term offers level premiums each year for the duration of your term up to 30 years, but the amount of life insurance provided decreases each year.
Level term is the most popular and most affordable type of term insurance.
With level term you select a term for coverage of 5, 10, 15, 20, 25 or 30 years. The premium you pay remains level each year, and the amount of life insurance stays the same for the entire length of time you have your term life coverage.
Here's how to compare level term life quotes online from several of the top life insurance carriers.