Term insurance is short term life insurance protection for a specific period of time - usually lasting for a "term" of 10, 15, 20 or 30 years.
With term insurance, your premium remains the same each year for the duration of your term, so if you have a 10 year term life plan, you pay the same premium for 10 years.
The price you pay for your term insurance will vary by length of term, so a 10 year term policy will have lower annual premiums than a 20 year term policy, because your chances of surviving 10 years are greater than 20 years.
In addition, the amount of life insurance will impact your premium - the higher the amount of life insurance you buy, the higher your premium.
Also, your own personal risk factors will affect your premium for your term insurance policy, including your age, health, lifestyle, occupation, hobbies, driving record, height-to-weight ratio, etc.
Basically, the younger and healthier you are when purchasing your term insurance, the lower your premiums.
One way to find a term insurance policy may cost you is to
compare term insurance rates online from several of the leading life insurance companies. It only takes a few minutes, and there's no obligation to buy.
