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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.
By Barry Higgins AAA |. A: Term insurance is a type of life insurance policy that provides coverage for a certain period of time, or a specified term of years. If the insured dies during the time period specified in the policy and the policy is active-or in force-then a death benefit will be paid.Term insurance is initially much less expensive when compared to permanent life insurance. Unlike most types of permanent insurance, term insurance has no cash value.f the insured dies during the time period specified in the policy and the policy is active-or in force-then a death benefit will be paid. Term insurance is initially much less expensive when compared to permanent life insurance. Unlike most types of permanent insurance, term insurance has no cash value.