And some 10-year policies might guarantee rates for only 5. Your rates could jump after that if you have a medical problem. Insist on a policy that doesn't restrict the conversion period to the first few years of the term. Since premiums are based on two life expectancies, they are typically cheaper than those on policies covering one person. Your choice of beneficiary is critical.
Most people select a spouse.
But if you opt for a child, things can get tricky if the child is a minor when you die. In that case, you'll want to name a trustee to accept the insurance payout and administer it until the child turns 18. As a policy owner, you'll need to pick a payoff method as well. The common options are interest income only, installments for a fixed period, or an annuity. Always check an insurer's financial stability.