Term Life Insurance Term Life insurance covers you for a specific period of time — as short as one year, or as many as 30 years — or until you reach a certain age. Term Life can help protect your loved ones from debts, such as a home mortgage and/or can fund college and living expenses if you die before your children are fully grown. Before issuing a policy, the insurance company will probably require a basic medical exam covering your height, weight, medical history, and blood and urine testing.

Smokers will pay more for Term Life insurance, although cigar smokers might pay lower premiums than those using cigarettes. Many Term life insurance policies let you renew coverage at the end of the term without another medical exam. You also can lock in low premiums by asking for a “level premium” policy for a specific term.

As you age, the likelihood that you'll die sooner increases — so older individuals pay more for Term Life Insurance.

If you have trouble finding Life insurance because of illness or medical problems, you can turn to Guaranteed Issue Life coverage (also called “quick issue” or “simplified issue” insurance) that waives the medical exam, in return for your paying a higher premium. Guaranteed issue policies can require waiting periods before coverage kicks in, and often require yearly fees.

Figuring out how long a term to buy — 10 years, 20 years, 30 years, or some other number — requires a review of your debts and financial needs and those of your dependents. Ask yourself when your dependents will reach financial independence and determine how much they or your spouse would need to pay off major debts if you die. It's a good idea to review your Term Life Insurance needs carefully on a regular basis and to “shop around” for coverages and services.