The simplest form of life insurance is called Term Insurance. Term takes its name from the notion that it is purchased simply for a term (period of time), after which is it no longer renewable. Not that long ago the general rule was term products were renewable to age 75 and that was it. More recently this has been reviewed and some companies are offering term products that can be renewed past this date. This is also governed by state insurance law so you should check on this for your specific state.
How Long Should I Keep My Term Life Insurance?
Most people purchase term life insurance because they believe that they have a need to protect their family if they die. People usually choose term insurance if they have a limited budget or they feel the need to supply their loved ones with a large cash infusion upon their death to be a finite need. …