The "term" of the life insurance policy is the duration - how long your life insurance coverage lasts.
Usually, life insurance carriers offer term life lasting for a term of 10, 15, 20, 25 or 30 years.
However, seniors may be limited to a maximum term of 20 years depending on your age and health.
The longer your policy term, the higher your rate per $1,000 of life insurance protection.
The older you are when you purchase your term policy, the higher your rate per $1,000 of life insurance protection.
Learn more about term life insurance and how it works.