Term life costs a lot less than permanent life insurance because it does not build cash value inside the policy, and it does not provide lifetime protection.
Term life insurance only lasts for a set period of time, usually up to 30 years.
With term life you can choose your term, 10, 15, 20, 25 or 30 years, and if you outlive the term, the life insurance coverage ends. Or, it may last until you reach age 65 or 70, depending on the type of term life plan.
Renewable term life insurance allows you to renew your term life policy, when it expires, usually for another 10 year term. Your rate at renewal will be based on your age at that time, and you will not be required to take a physical exam to qualify for the renewal policy.
The most popular type of term life insurance is level term life insurance which provides level coverage and premiums throughout the term of your policy.
Here's how you can compare term life insurance rates online to help you find an affordable term life policy.