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A contract between a policyholder and an insurance company that says if the insured person passes away within the time period of the policy, the insurer will pay a death benefit to the beneficiaries named on the policy. If you’re buying term life insurance, you have two main decisions to make: the length of the term and the coverage amount.

A term life insurance policy’s annual costs remain the same every year for the level term period, such as 10 or 20 years. Once the level term period is over, you can generally renew the policy, but rates will probably be higher because the insured is older. The policy expires if you outlive the length of the policy without renewing. You receive none of the premiums paid into the policy unless you bought a return of premium term life insurance policy. The policyholder chooses both the length of the term and the coverage amount, such as $500,000. If the insured person dies while coverage is in force, the beneficiaries receive the policy’s death benefit. If the insured person lives longer than the policy’s term and doesn’t renew it, the coverage ends.

Many people buy term life insurance for income replacement. They’re looking for life insurance that will provide funds for a family to pay expenses for a certain number of years if they were no longer there to work and earn money. Term life is good for: Covering the years of a mortgage, so another borrower does not have to sell the house. Covering other specific debts that would be passed on to someone else. Covering the years until children have graduated from college, to make sure there are funds for tuition and living expenses.

The coverage amount and term length are two main factors that affect your premiums. Other factors include: Age Gender Height and weight Current and past health Family health history (parents and siblings) Nicotine and marijuana use History of substance abuse Driving record (especially DUIs and moving violations) Certain hobbies and activities (such as aviation, scuba diving and other risky hobbies) Criminal history Credit

A good term life insurance amount is generally one that matches the debts or obligations you want to cover. Life insurance is often intended to pay a family’s expenses that would have been paid by the person’s salary. If income replacement is your goal, you’ll want to know the approximate amount your family would need to maintain your standard of living for the time period you want to cover.

There's not a concrete formula, everyone's situation is different. We recommend you consider the length of the debt or situation you want to cover. For example, if you’re buying term life to cover the years until your children are through college, and that’s in nine years, you might pick 10-year term life insurance. If you just bought a house and took on a 30-year mortgage, you’re likely looking at 30-year term life. You may also consider buying a 30-year policy to cover the length of a mortgage and a 20-year policy to cover the time until children are out of college. This way you’re not grouping all obligations into one long policy.

When you have a quote that you like and are ready to buy a policy, you’ll fill out an application. You can do that fully online, or you can schedule an appointment to have one of our trusted experts help you. Once the application goes to the insurance company, you may be asked to do a life insurance medical exam. This often includes height, weight, blood pressure, blood and urine samples, and questions about your prescriptions and health to verify the information on the application. Behind the scenes, the life insurance company will be doing its own research on you. This often includes: Accessing a prescription drug database to see your current and past prescriptions. Requesting your medical records (if you signed a consent form). Pulling your motor vehicle report. And More... Once approved, the insurance company will connect with you to collect the first premium payment. Generally speaking, coverage begins when the insurance company has received and approved the application for coverage, a policy has been issued, all additional documents have been signed and the first premium payment has been paid to the insurance company.