Basically, term life insurance is temporary life insurance coverage for a specific period of time, usually for 10, 15, 20 or 30 years, or until you reach age 65 or 70.
And, the shorter the term of your policy the lower the rate for coverage. In addition, the smaller the amount of life insurance, the lower your life insurance rate.
Since your age affects your cost of life insurance, the longer you are expected to live the lower your rate, so the younger you are when you buy your term life insurance policy, the lower your cost of coverage.
That means, a $50,000 10 year term life plan will cost less than a 15 year, $200,000 term life insurance policy.
Here's how you can learn more about how to find low cost term life insurances and which insurer may offer you the best price on your coverage.