There are a few basic types of term life insurance policies.
The most popular type is level term life insurance. Then there's decreasing term life which isn't sold by many insurers anymore.
And, there's return of premium term life insurance which returns almost all of the premiums you paid for your life insurance if you outlive the term (duration) of your term life insurance policy.
Level term offers you rates that remain the same each year for the term of your policy, while your amount of life insurance coverage stays level, too.
Level term offers coverage for terms of 10, 15, 20 25 or 30 years.
If you pass away during the term, your beneficiary you choose receives the death benefit.
If you outlive the term of your term life policy, the life insurance coverage ends, and you receive nothing.
Here's more information on the
top term life insurance policies and how they work.
