Term Length
Example lengths are 10 years (T10), 20 years (T20) or until age 100 (Term-to-100 or T100). Aging increases the likelihood of death each year, but premiums are usually adjusted to be consistent throughout the term, so that the longer the term, the higher the premium rate.

Convertibility
The term policy can be converted to permanent insurance without requiring medical underwriting. There is usually a maximum age for conversions, such as 65.

Renewability
At the end of a given term, coverage can be renewed for the same period for a higher premium. Most plans are guaranteed renewable to a specific age, such as 70, and renewal premium rates are usually guaranteed at the original policy’s purchase.

Degree of Underwriting
Some plans have additional underwriting requirements for more precise evaluation of applicants.

Term insurance has one drawback in that it does not have a savings component. It is like leasing a car – you have no equity. It also does not take advantage of special tax advantages applied to life insurance. Alternatives to term insurance are permanent and universal life insurance, which combine term insurance with tax-deferred savings.

Term Life Insurance Quote Form

Note: Preferred rates are offered to those with an excellent history of good health, those who have never smoked, and those whose immediate family members are of similar good health.