 TITLE: What Type of Life Insurance Should I Get? CONTENT: What Is Term Life Insurance?\n----------------------------\nLife insurance falls into two basic categories: _term life_ and _permanent life_. Term life insurance remains in force for a specific term, usually ranging from one to 30 years. If you die within that term, the policy pays a death benefit. In most cases, you'll pay the same premium throughout the term.\nTerm insurance is often purchased to protect a family through a specific period. For instance, the parents of young children might buy a 20-year term life insurance policy to provide for the cost of raising the children if one parent dies. But what if your term is up and you still want life insurance? You have a couple of options.\nYou can buy a new policy; however, this generally requires undergoing a medical exam, which might uncover issues that will make insurers less willing to cover you. Even if you pass the exam or otherwise provide what's called \"evidence of insurability,\" premiums typically get more expensive as you get older, regardless of your health.\nYou can avoid the need for a medical exam by getting a term life policy that has a renewal guarantee. This guarantees you can start a new term when the current term is up without getting a medical exam or otherwise documenting your health. Your premiums will still go up due to your age, but if you've developed a health problem—for example, you had a triple bypass right before the original term life policy ended—the life insurance company will still have to insure you.\nBecause term life insurance generally costs less than permanent life insurance for the same amount of coverage, it can be a good choice for families on a budget. You can also get _convertible_ term life insurance policies; these can be converted into permanent life insurance policy with cash value. END