Term Insurance is the low-cost, temporary insurance protection. It is generally used to meet a
temporary need (example - mortgage protection) or a need for a large amount of insurance at
the lowest possible initial price.
Important things to consider when buying term life insurance:
The renewal period. If it's possible that you will need your coverage after the first renewal
period (after 20 years for 20-year term or after ten years for ten-year term), be sure to
compare both the initial premium and the renewal premium and confirm whether the renewal
rates are guaranteed at the quoted level. What would happen if your health deteriorated since
you purchased your insurance and you still need life insurance - are you locked into high
renewal rates?