Term coverage is also known as term life insurance which is temporary life insurance protection for a specific period of time.

When selecting a term policy you have the flexibility of choosing your coverage to last for a period of 10, 15, 20 or 30 years, usually.

The longer your "term", the higher your annual cost of life insurance.

With level term policies you pay the same amount of premium for your coverage each year for the entire duration of your life insurance.

And, the amount of life insurance protection provided by your policy remains level until your policy expires.

If you pass away during the term of your policy, your beneficiary receives the death benefit from your life insurance.

Term life offers the lowest rates on life insurance for 30 years or less of protection.