Why it matters
Term life is often the lowest cost way to buy a large amount of coverage. Families use it to cover years when they have the most financial risk, such as raising children or paying a mortgage. If the term ends and the insured is still alive, coverage ends unless the policy is renewed or converted, often at a higher price. Available term lengths and conversion rules differ by carrier. Agents compare quotes across carriers because rates vary with age, health, and tobacco use.
Source: iii.org
Read next, for familiesTerm life insurance: how it works, what drives price, and when it ends