Insurance protection that lasts a specific period of time guarantees full value payment to the beneficiary upon your death, as long as the policy is still in effect.
The most popular and affordable type of life plan, term life insurance rates are based on health at the time of application and remain stable during the policy’s life. Though some term life policies are “convertible,” meaning you can change them to permanent life insurance when their term expires without having to prove, you’re still insurable, this type of plan generally costs more.
The most common term life insurance policy spans 20 years. However, it can usually be purchased through local insurers up to your 80th birthday and may span 30 or more years, depending on your needs and the rate you can afford. Term life is considered ‘cash only’ insurance, meaning it cannot be invested to increase the return rate.