What Is A 10 Year Term Life Insurance? 
Some folks purchase temporary life insurance rather than whole life , either because they have a very temporary need , or feel they do not want to use life insurance as a financial tool . When they do that , they frequently purchase a policy that will last only for ten years , if they pay the premium each year , and do not want it to change . This is called ten year level term . After ten years , if they are alive , they will probably need to start over again and get level term , now at a higher rate , or whole life . With the product I have , New York Life offers a ten year level term , but also offers an annually renewal policy , which works out about the same over ten years . The hope is that and the expectation should be , that the policy holder decides during those ten years or earlier , to convert their term policy to a permanent whole life policy , which builds up cash value and can be borrowed against . Let 's talk . Gary Lane , Registered Representative , New York Life . 949 797 2424 . Thank you . 