Term insurance is a type of temporary life insurance coverage that usually lasts for a period of 30 years, or less.
When you apply for your term life insurance policy you choose a "term" of how long you want your life insurance coverage with level premiums.
The "terms" available for term insurance may be 10, 15, 20 or 30 years. It depends on your age, health, and the insurance company.
If you are young and healthy, you may be able to buy up to 30 years of term insurance.
If you are over age 70 you may be limited to term insurance for a period of 10 or 15 years.
With term insurance your premium usually stays the same each year for the term of your policy, and the amount of life insurance you have remains level.
If you outlive the term, your life insurance either expires, or you may choose to renew your term life policy for another term (usually 10 years) at an increased premium. Or, you may renew your policy annually for an increasing premium each year. It depends on the type of term life insurance plan you have purchased.
Learn more about how term insurance works.
When you apply for your term life insurance policy you choose a "term" of how long you want your life insurance coverage with level premiums.
The "terms" available for term insurance may be 10, 15, 20 or 30 years. It depends on your age, health, and the insurance company.
If you are young and healthy, you may be able to buy up to 30 years of term insurance.
If you are over age 70 you may be limited to term insurance for a period of 10 or 15 years.
With term insurance your premium usually stays the same each year for the term of your policy, and the amount of life insurance you have remains level.
If you outlive the term, your life insurance either expires, or you may choose to renew your term life policy for another term (usually 10 years) at an increased premium. Or, you may renew your policy annually for an increasing premium each year. It depends on the type of term life insurance plan you have purchased.
Learn more about how term insurance works.
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