The "term" is the length of time the coverage lasts. Some term life insurance policies provide coverage for a period of 10, 15, 20, 25 or 30 years.
Other term life policies may provide coverage until you reach a certain age, such as, age 65 or 70.
Once your term end, your life insurance coverage expires. If you are alive at the end of your term, your life insurance expires with no payout.
If you die before the term ends, your beneficiary receives the death benefit, subject to any exclusions in your policy.
Renewable term life insurance allows you to renew your policy for another 10 year term at expiration, without having to take any physical exam to qualify for the new policy. Your rate at renewal is based on your age, and your health will not impact your new rate for the renewal policy.
Learn more about how term life insurance works and compare your free, instant term life rate quotes online today.