The basis features of term life insurance policies include:
- Term coverage options of 1 to 30 years. Most plans offer coverage for a term of 10, 15, 20 or 30 years.
- Level or decreasing life insurance coverage amount depending on the type of term life policy you purchase.
- Level or decreasing premiums available depending on the type of term and type of policy.
- Some term life insurance policies offer a return of premium if you outlive the duration of your term.
In addition, some term plans offer renewability which means you may choose to renew your term life policy for another term (usually up to 10 years), when your original policy ends.
However, the premium for the renewal of your term life policy will increase, based on your age at the time your renew the policy.
Learn about level term life insurance which is the most popular type of term insurance.