Term Insurance- Considered the simplest type of life insurance. It provides protection for a specified period of time and pays a benefit only if the insured dies during that period. It is typically the least expensive form of insurance primarily because it is temporary. The most popular form of term insurance is level term in which there is a level amount of protection (death benefit) for a specified time period. There are also increasing term and decreasing term policies. 10, 20, and 30 year terms are the most common. Look for a term policy that is guaranteed renewable level term. That means the premiums remain the same throughout a specified period of time regardless of the insured's health changes. Often term policies will be convertible. At the end of a level term period the policy owner can convert the policy to permanent life insurance without evidence of insurability. The premiums will be based on the current age of the insured.