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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.
Term life insurance is purchased for a predetermined length of time â often 10, 15, 20 or 30 years. Youâll also have opportunities along the way to convert your term policy to whole life insurance, giving you coverage with no expiration date.