Term life insurance

Select the duration of coverage

Decide the number of years your need will be greatest (for example, when your kids are younger or while you’re paying a mortgage).

Determine how much you need

Think about how much your loved one may need to replace your income. This can be accomplished using a needs analysis calculator.

Term life insurance can provide essential protection for your family. It is less expensive than other life insurance options.

The downside of term life insurance is that it isn't a permanent life insurance solution. Once the term ends, the coverage ends or the premiums increase dramatically. And, the older you are, the more expensive it gets.

Fortunately, you can convert many term life insurance policies to a permanent insurance product such as whole life insurance, universal life insurance or variable universal life insurance.

If you want to purchase another policy after your term ends, you may have to show evidence of good health to purchase continued protection. An annual renewable term policy may not require this, but your premiums may increase each year.

Keep in mind that as your life changes (for example, marriage, birth of a child or a job promotion), so will your life insurance needs. You should weigh any associated costs before making a purchase. Life insurance has fees and charges including costs of insurance that vary based on the insured person's gender, health and age. There are additional charges for riders that customize a policy to fit your individual needs.