How do I decide the number of years (term) to choose for my life insurance policy?

Choosing the duration of your term life policy with an initial rate guarantee is easy.

You just match the period of time you'll need life insurance protection to the duration of the initial rate guarantee period.

For example, if you're youngest child is 5 and you need life insurance until your kids are grown and on their own, you'll want to choose a term life policy with coverage for a term of at least 20 years.

Or, if you have a 30 year mortgage and want protection until the mortgage loan is fully paid off, you'll want a term of 30 years.

Learn more about how term life policies work

How Long Does Term Life Insurance Last?

A term life insurance policy is a form of life insurance that is temporary, for a set period of time.

Usually, term life insurance provides protection for a period of 5, 10, 15, 20 or 30 years.

If you outlive the "term" of your term life policy, the life insurance coverage ends without paying out a death benefit.

If you die during the term, the death benefit is paid out to your beneficiary, unless there are any exclusions that would prohibit payout.

If you decide you still need life insurance at expiration of your policy you may renew the term life insurance for another term without taking any medical exam, but your rate will increase based on your age at tome of renewal.

Another option might be to compare term life insurance rates and plans among other insurers when your renewal comes up to see if there are any better deals available.

Here's how you can learn more, and compare term life insurance rates online from several insurers at once.