Term Life insurance is perhaps the most common type of coverage purchased today. Premiums during the initial level 'term' period are level, as is the face amount (the amount of coverage). For example, ten year term provides level premiums for a full ten years. 'Guaranteed' level term products provide premiums that are both level and guaranteed to remain level for the term.

At the end of the 'term', there are a variety of options offered by different policies. Some policies may renew for another (and different term - perhaps annually increasing term) and some may offer a 're-entry' premium that will provide new premiums for another level term subject to medical and health qualification. When you purchase a life insurance policy you should discuss these renewal options with your broker.