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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.
With a traditional term life insurance policy, you buy a coverage term, such as 15, 20 or 30 years, and pay a fixed annual price. If you donât die within that term, your contract ends and you receive nothing, having paid for the âriskâ that you might have died.