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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.
Level Term Life Insurance. Level term life insurance provides coverage for a defined period of time: usually 10, 15, 20, 25, or 30 years. Premiums are guaranteed for the duration of the term â also known as the initial level period. Once the initial level period is up, the policy can be renewed at a premium that increases annually.