The Cost of a One Year Term Policy

A term policy as the name suggests is just enforced for specific terms. In contrast, a permanent life insurance policy is in place permanently. It doesn't expire the way a term policy does. Incidentally, let's say you were 20 years old and you got a 30 year term policy, after you turned 50 and that thing expired, you would now be without insurance. If you wanted to get continued to have life insurance coverage, you would have to go out fresh in the marketplace and apply for it. And even if you were still in perfect health for a 50 year old, the rates would be a lot higher if you want to get it for the next 30 years than they would have been