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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.
While the length of the term and other specifics vary, the death benefit in a term life policy can stay the same for as long as 30 years. Term life coverage tends to be less expensive than whole or universal life coverage and is favored by consumers who know they want life insurance only for a specified period of time. renewable term life insurance policy available through Matrix Direct continues in force for a specified term or terms, usually in increments of one or five years. It can be renewed without the insured having to undergo a medical examination or provide other evidence of good health or insurability each year.