Most term life plans offer you the option of choosing coverage for a period of 10, 15, 20, 25 or 30 years.
If you die during your term, the death benefit is paid to your beneficiary.
If you outlive the term of the policy, your life insurance coverage ends.
If you have renewable term life coverage you can renew your policy for another 10 year term without having to take a physical exam to qualify, but your new rate at renewal is based on your age at that time.
There are different types of term life plans.
Decreasing term has level premiums but the amount of life insurance declines each year.
Whereas, level term life insurance has level premiums and the amount of your life insurance coverage stays the same each year throughout the entire duration of your term life policy.
Level term life insurance policies are the most popular, and offer the most competitive rates, allowing you to afford to buy more life insurance for your money.
In addition, there are term life insurance policies that do not require you to take any physical examination to qualify for coverage.
Here's how you can learn more about how a term life insurance policy works and compare instant term life rate quotes online from multiple insurers at once.