What Term Life Insurance Policy Should I Buy?

The term life insurance plan you purchase should be based on your individual needs and circumstances.

Term life insurance is a way to provide for your family in the event of your death to cover costs, such as college education for your children, to payoff a mortgage loan, or pay off outstanding credit card debts.

Some term life policies offer you the option to convert your term life insurance into a permanent lifetime life insurance policy that provides coverage for your entire life.

In addition, term life plans may allow you to renew your coverage for another term when your original term expires.

So, if you have a 15 year term life policy and at the end of the 15 year term you decide you still need life insurance, you may be able to renew your coverage for an additional term of 10 years, usually.

However, your premium will increase, based on your age at the time you renew your life insurance policy.

Here's how you can learn more about term life insurance policies