Term life comes in a few different types of plans including Level Term, Decreasing Term, and Return of Premium term life insurance.
The most popular type of term life policy by far is Level Term which has guaranteed level rates and coverage for the entire term of your policy.
Decreasing term is not sold by many insurers and has rates that remain level but the amount of life insurance provided by the policy decreases each year over the life of your term policy.
Return of premium term life has much higher rates for coverage, but if you outlive the term of your policy they pay you back most of the premiums you paid for your life insurance coverage.
Renewable term life insurance is an important option for term life plans which allows you to renew your term policy for another term (usually 10 years) when your current policy ends. Also, you do not have to take a medical exam to qualify for the renewal policy.
Learn more about the top term life insurance policies and how they work.