Many people choose to purchase their first life insurance policy when they get married, buy a home, or start a family.

These are all very good times to buy a term life insurance policy, because you can make sure the financial obligations of your home and family do not become a financial burden for your survivors if you were to pass away.

Term life insurance is most affordable while you are young; however, people buy term life insurance coverage at all stages and phases of life to meet specific financial objectives for the loved ones.

For example, some people buy life insurance plans if they have accumulated credit card debts, or are concerned about leaving family members with unpaid hospital bills or funeral expenses.

You may want to buy your term life insurance policy at the youngest age possible. The cost of a life insurance plan increases with age, especially if you develop health problems.

Once you buy your life insurance policy, your premiums are typically guaranteed for the entire duration of the term, which is similar to locking in your mortgage rate.

For instance, term life offers guaranteed level premiums for a term of 10, 15, 20 or 30 years, usually.

Note that you can lock in your premium rates if you buy guaranteed renewable term life, but not if you buy annual renewable term life insurance. With annual term life plans your premium increases each year as you continue to renew the 1 year policy.

Level term life insurance has guaranteed level premiums that stay the same for the length of your term - 10, 15, 20 or 30 years. Learn how to buy a term life insurance policy