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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.
1 Check the mail for up to one year after death for premium notices, which are usually sent annually. 2  If the policy is paid up, there may not be any notice of premium payments due. 3  However, you may find an annual statement regarding the status of the policy, or even a notice of dividend.ut if youâre unsure whether youâre the beneficiary of a life insurance policy, you may be at a dead end if you donât have a copy of the policy or know which company issued it.