- Level Term - This is the most common type of term life policy because it offers the most affordable price, the premiums never increase, and the amount of life insurance never decreases - during your policy term.
- Decreasing Term - The premiums never increase, but the amount of life insurance provided by your policy decreases each year throughout the policy term.
- Annual Renewable Term - The policy provides one year of coverage. You may renew coverage each year, but the premium increases each year at renewal.
In addition, you have many options to choose from when selecting the amount of coverage to buy.
Also, depending on your age and health, you may select a policy term of 10, 15, 20, 25, 30, 35, or 40 years of term life insurance coverage.
You have many options to choose from when it comes to buying a term life insurance policy.
Here's how to learn more about your options for term life insurance.