Then, consider how much life insurance you really need, and for how many years you need the life insurance protection.
With level term life insurance your life insurance coverage and premiums stay level each year throughout the entire term of your policy, for instance, for a period of 10, 15, 20 or 30 years.
The term life insurance policy should also offer a guaranteed opportunity to convert all or a portion of the life insurance coverage into permanent life insurance coverage as the need may present itself in the future.
Another thing to consider is renewable term life insurance which allows you to renew your term life policy for another term, usually 10 years, when your current term life plan expires. You are not required to take a physical exam to renew the policy, but your rate for the renewal coverage is based on your age at that time.
Learn more about level term life insurance policies and how they work.