Insurance Term vs. Perm Universal Life Variable Life Please choose a topic below or scroll down the page to review all of the questions and answers. Reasons NOT to buy term insurance.
Term is the lowest cost life insurance product available.
Level term insurance includes low premiums and steady coverage over the term of the policy. In other words, your premiums do not go up and your coverage does not go down as long as your premiums are current. In general, Yearly Renewable Term policies are most efficient during the first 3 to 4 years. If you plan to keep your policy for longer than 3 to 4 years, you should consider Level Term. Term insurance is bought by millions of people for a number of reasons.