What is it?
Term life insurance is available in two basic kinds of policies: decreasing term and level term. “Level” and “decreasing” refer to the amount of death benefit during the policy’s duration.

• Decreasing term = the death benefit drops throughout the duration of the policy (often in yearly increments)
• Level term = the death benefit remains unchanged throughout the policy’s life

Today, most people purchase level term insurance, which pays the equivalent benefit amount regardless of when death occurs over the term.

The following are general types of level term:

• yearly (or annually) renewable term
• 5-year renewable term
• 10-year term
• 15-year term
• 20-year term
• 25-year term
• 30-year term
• term to a specified age (usually 65)

Why do I need it?
Term life insurance can offer essential protection to help cover your living expenses and debts. It is useful for providing income to your family and loved ones in the event of death or disability. Your coverage, however, shouldn’t only be for the main income earner in your household. For example, if you are a homemaker, you also want to be protected.


How does it work?
Most people buy life insurance so they have a safety net for when a working fmaily member dies. This can help with mortgage or credit card debts, or help pay for college education. For example, if you own a home and were to suddenly die tomorrow, your family could use your policy benefit to help with mortgage costs.

Learn more:
National Hospice and Palliative Care Organization (NHPCO)
caringinfo.org


Who provides it?
Quotes for term life insurance are available online, so it's easy to access. You can quickly compare quotes of different insurance providers. There are so many websites owned by agents and insurance brokers that provide instant quotes from numerous insurance providers. You may have to provide details to get quote information: your medical history, dietary habits, and family information. Often, the process takes only a few minutes.


What if I’ve been turned down before or have health issues?
First of all, don’t panic. Ask the insurance provider for details regarding your decline. This information must be provided by law. Some states will send this information directly to you, while others mail these details to your doctor. When you know the reason for your denial, visit your doctor to determine if you have health problems. Quite often, insurance applications save lives by informing the applicant of a serious medical problem of which he/she was previously unaware.

If you’ve been declined by an insurance company:

• Obtain a copy of the claim form.
• If you’re working with an agent, inform him/her in advance of any health conditions/prior situations.
• Errors do occur, so consider challenging them or requesting reconsideration. 
• Ensure the application says whether you qualify before you apply.
• Make sure you get some kind of coverage as soon as possible
• Ensure you’re not applying to a provider that will refuse your illnesses.
• Learn the details of the policy to see if it is right for you.
• Always read the fine print and ask questions if anything is unclear.

Learn more:
National Association of Insurance Commissioners (NAIC)
naic.org