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The typical type of term life insurance is Annual Renewable Term. In this case, the insurance covers a specified period of one year. This type of policy is typically not very expensive. Also, since the insurance is renewable, the insured can renew the policy annually.

In addition to annual renewable term, there is a Level Term insurance. In this type of policy, the premium remains constant for a 5, 10, 15 or 20 year period of time. With this type of term insurance, the insured pays more for insurance coverage in the early years of the policy than in later years.

The final type of term insurance that we'll cover is Decreasing Term insurance. With this type of coverage, the insured pays the same amount for insurance during every year of the policy. The face value of the policy declines progressively to zero when the policy expires. This type of coverage is typically for individuals that want to protect a particular thing, like a mortgage, or a child's education.

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