Term Life Insurance Policy Features

Learn About Term Life Insurance Policy Features

A term life insurance policy includes some basic features that are common to almost all term life plans.

Included in the common features of term insurance are term options, length of term, and an option for level premiums throughout the life of your term policy.

The common features of a term life insurance policy may include the following:

Term Options

Term options of 1 to 30 years. Most term life policies provide life insurance for a period of 10, 15, 20 or 30 years.

Level Premiums

Level or decreasing premiums available depending on the type of term life plan.

Level Coverage

Level term or decreasing life insurance coverage amount depending on the type of term life plan.

In addition, other features may be available with a term life policy, including the following:

Return of Premium

Some term life insurance policies offer a return of premium if you outlive the duration of your policy term. Premiums are higher for return of premium term life insurance compared to the cost of a regular term life policy. 

Renewable Option

Some term life plans offer the option to renew your term life insurance for another term when your current policy expires. However, you will be charged a higher premium based on your age at renewal when you renew your term life insurance for another term.

Convertible Option

Some term life plans offer you the option of being able to convert your term insurance into a permanent life insurance policy by a specified date stated in your policy. There is an increase in premium to convert to permanent insurance.


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