Third option is to convert your term policy to a permanent policy. You can exercise this option any time before your 75th birthday or the end of the 10 or 15 year period, whichever comes later. This does vary by Company. Conversion will give you level premiums on a permanent basis, but the premiums will be higher because the policy is designed to build cash value, a side fund that fuels the policy in later years. Permanent life insurance is like buying a house and building equity.
Term insurance is like renting the house with an option to buy.
How much insurance you need depends on who depends on you. If you have dependent children, you will need approximately 10 times the amount of your annual household income. We have chosen several companies to work with that we believe can deliver what is being applied for. The best rates should be obtainable by the majority of the people applying rather than just a few. Now that we have made selecting the company easier for you, making the right decision is even easier.