Once you've made the decision to purchase term life insurance, you need to investigate the types and options available to you. There are two basic types of term life insurance you can choose from. This article will provide some basic information on buying term life insurance policies.

Term life insurance will protect you for a given period. The duration of a policy can range from 1 to 30 years. Although many term life insurance policies are renewable at the end of the term, the insurance company often will require a medical exam. The premium also goes up at the end of the term. With ART (annual renewable term, also known as YRT, yearly renewable term), you have a guarantee that you can renew your policy every year without a medical exam. ART is good for people who need term life insurance for just a few years, usually less than 5. Although ART is the least expensive type of insurance on the market, the premium will go up every time the policy is renewed. ART is good for consumers who wish to protect short-term debt, such as a car loan.

Another type of term insurance, guaranteed level premium, starts with a higher initial premium than ART. The main benefit is that you can lock in the rate for a specified period of years, usually 10 to 20. After the term expires, you can renew but will have to take a medical exam. Guaranteed level premium term insurance is ideal for people who have intermediate length debt, such as a mortgage. You can buy a policy for the length of your mortgage and have affordable protection until the debt is paid off. At that time, you can elect not to renew, or you can purchase a different type of insurance, such as whole life.

Consider your options carefully when buying term life insurance policies. It's best to consult an agent or to obtain several quotes from reputable companies before choosing a policy. And remember, term life insurance is generally more attractive the younger you are.