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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.
For this reason, many people purchase a term life insurance policy with a face amount that incorporates their existing mortgage. If you purchase a period with a term length that matches your mortgage, like 30 years, will have the peace of mind that your spousal be able to pay off the mortgage if you were to pass away.