What Is A 5 Year Term Life Insurance Policy? 
A 5 year Term Life Insurance policy has the rate locked in for 5 years . In my experience , the premiums for 5 year Term policies often exceed the premiums for 10 year Term , because there are far fewer companies that offer 5 year Term . If you purchase a 10 year Term policy and only want to keep it 5 years , you can simply cancel it after 5 years with no penalty . 