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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.
All term life insurance products provide a death benefit at a set price for a specific period of time â usually between 10 and 30 years. As the policyholder, you have the option to pay a monthly, quarterly, semi-annual, or annual premium for the length of your term period.