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âSmallâ term life policies are available with under $50,000 in coverage, but policy amounts can go into the millions. Term life is typically sold in lengths of five, 10, 15, 20, 25 and 30 years. âLevel premiumâ term life means youâre locking in a price for the length of the policy. Typically you will pay a monthly or annual premium to keep the insurance in force. âAnnual renewableâ term life is a one-year policy that renews every year for a higher price.
Text Explanation: A. Whole Life insurance assumes that the insured will pay the premiums until death or until age 100, whichever comes first. If the insured is still alive at age 100, the policy will reach maturity and pay the insured the face amount or cash value, whichever is more.