- 10-year term
- 15-year term
- 20-year term
- 30-year term
Term life insurance also gives policyholders the right to exchange their term policy, regardless of current health, for a permanent policy. This option is useful for those whose health has changed since initiation of their policy as it does not require an additional medical exam or other evidence of insurability.
However, bear in mind that converting a term policy to a type of permanent life insurance generally results in a higher monthly premium. Also, the amount of time allowed by carriers to convert policies is shorter than the duration of the term coverage, so be careful not to let a conversion deadline pass.