Term life insurance are divided into two basic ranges—level term and declining term.

These days, the hot favorite of the market is level term insurance. The level term policy pays the death benefit if the death occurs at anytime while the policy is still ongoing. These policies can be for a term of anywhere from one to thirty years.

Some term policies are interchangeable. What this means is that the insured has can change it to permanent life insurance with any medical proof at his convenience.