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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.
Generally, grace periods are 30 days, although this period is governed by state laws. However, insurers will stop accepting claims a few weeks after your premium is due. When you pay your premium, they unlock (claim) payments, says Matt Tassey, past chairman of the Life and Health Insurance Foundation for Education.