Short term life insurance is life insurance coverage for a short period of time.
Instead of providing lifetime life insurance, such as, permanent life insurance plans, a short term life insurance policy provides life insurance protection for a specific duration, such as, 10, 15, 20 or 30 years.
In addition, there are annual renewable term life insurance plans for a period of 1 year, or a 5 year term life policy.
Level term life insurance is the most popular type of short-term insurance plan. It provides you with life insurance premiums and coverage that remain level each year through the term of your life insurance policy.
In addition, level term life offers much lower premiums than permanent life insurance.
So, short term life insurance has lower pricing which means you can afford more life insurance protection for your family.
And, you have the option of buying renewable term life insurance which allows you to renew your term life plan for another 10 year term when your term life insurance ends, without having to take a physical exam to qualify for the renewal policy. But, your rate at renewal will be based on your age at that time.
Learn more about how short term life insurance works.