Term life policies are short term plans that provide life insurance protection for a temporary period.
Many term life plans provide coverage for a term of 1-30 years. The most common terms, or duration of coverage, include 10, 15, 20, or 30 year term life policies.
Although the term may last up to 30 years, the coverage may go on until a specific age, such as, age 65, 70 or longer.
The term is how long the rate remains level and the amount of coverage stays the same. This is referred to as level term life insurance protection.
Also, there are renewable options that allow you to renew your term life plan for another 10 year term when it expires, if you wish.
And, the conversion privilege means you can convert a term policy into a permanent life insurance plan by a certain date, subject to a higher premium.
Learn more about how a term policy works.