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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 younger people in relatively good health, term life insurance has long been the option of choice. Covering a specific number of years and maintaining no cash value, the premiums on term policies are usually less than those of whole life insurance. With term life insurance coverage ranging from one to 40 years, choosing the right length can seem like guesswork. The best term length is not a one-size-fits-all proposition, says Matthew Russell, a Certified Financial Planner in Kingwood, Texas. However, there are ways to narrow your choices.