Term insurance covers you for a 'term' of one or more years or as long as you meet certain criteria, such as being an employee. It pays a death benefit only if you die in that term. Term insurance generally provides the largest immediate death protection for your premium dollar. It generally does not build cash value.
The premiums are based on your age at the time the policy is issued. You can renew most term insurance policies for one or more terms even if you health has changed. However, each time you renew for a new term, premiums will likely be higher- because your age has increased. Many companies offer guaranteed renewable policies, some offer it standard and other offer it as an option that increases your premium.
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