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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.
The majority of people in these younger age ranges will opt for a term life insurance policy. Term life insurance will provide protection over a specific period of time. For most people, this is 10 years, 20 years, or 30 years. Since the life insurance carrier knows exactly how long youâll pay your premiums, this is the most cost-effective form of life insurance.