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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.
Insurance companies must pay the proceeds of the life insurance policy to the beneficiary within two months of receiving proof of death and verifying the beneficiary. For an individual life policy, the company must also pay interest on a death benefit from the time the company receives the proof of loss statement to the time the company accepts the claim and offers to pay the death benefit.