There are several types of term life insurance. Renewable Term Life Insurance Premium payments on renewable term usually increase every year. They will start, but will soon surpass level term. Level Term Life Insurance Level term life insurance is usually available for 5 to 30 years. The premium will remain the same throughout the term of the policy.
Premiums start higher than renewable term.
Mortgage Life Insurance Mortgage life insurance is used to pay off the mortgage in the event of the insured's death.