Term life insurance is designed to protect your income for a certain period, it is also one of the least expensive types of life insurance. Term life insurance policies are available in numerous forms. There is an annual renewal period, up to a 40 year policy. The term of the policy is the period of time in which the tariff is blocked. A $ 500,000 20-year life insurance policy would freeze the rate for 20 years, the price wouldn't change for the 20-year (term). Once the deadline has expired, most companies will make the guaranteed policy renewable up to the age of 95, which means that the insurance company will assign you a vote at your age at the end of the period. So if you were 30 when you signed the 20-year policy, they will rate you as 50 and the price will go up every year or five years depending on the terms of the policy. I recommend term life insurance for anyone with a mortgage or anyone under the age of 18. For example, if you own a home with a mortgage, you should get a term policy, assuming you owe $ 230,000 for the next 30 years. I would recommend a 30-year life insurance policy for $ 250,000. This would protect your asset in the event of death. After the age of 30, you shouldn't need coverage or you could convert the policy into full life insurance or universal life insurance. If you have children under the age of 18, life insurance is one of the best ways to insure your family in the event of death. First, you need to ask yourself how long you would like to make sure your family is protected. Do you want to protect your family up to your children's high school? Until the age of 18. Do you want them to go to college? Until they turn 24? Something I have heard a lot is that most parents today want to bring their children to 30 years old. We can do simple calculations to determine how much coverage you need to protect your family. Let's say you have two wonderful children, one is one year old and the other has four. You want to make sure your family has enough money to bring your kids to college. So for the next 21 years, you need to be protected. You have a one year old boy and a four year old boy, you expect your children to graduate at 22. 22- the age of your youngest child (one) = 21. Let's say you earn $ 50,000 per year ; year and your spouse earns $ 40,000 a year. Your family will lose $ 50,000 a year if you die tomorrow, you would be dead, so obviously you wouldn't be able to work. You have to multiply your $ 50,000 times for the years you need protection. $ 50,000 x 21 = $ 1,050,000, that's the amount of money your family would lose because of your death. For the spouse, $ 40,000 x 21 = $ 840,000. So we know the amount you should cover, the next thing we need to look at is the term on the life insurance policy. AIG allows you to choose a term in almost all years, most life insurance policies have increments of five years, 10, 15, 20, 25, 30 and now 35 and 40. I would recommend a 25 year term in this scenario. So you must have a $ 1,050,000 25-year life insurance policy, your spouse needs a $ 2540 $ life insurance policy to keep your family protected.