Term life insurance provides coverage for a specific period of time, often 10, 20, or 30 years, although available term lengths vary by carrier. Because it provides protection for a set period rather than permanent lifetime coverage, term insurance can often provide a larger death benefit at a more affordable initial premium.
Many term policies offer level premiums for the selected term. When that period ends, coverage may expire or there may be options to continue or convert the policy, depending on the policy and carrier. Continuing coverage beyond the original term can result in significantly higher premiums.
Choosing the right term length and coverage amount depends on what you're trying to protect, how long you expect that need to last, and what comfortably fits within your budget.
