---
title: Term Life Insurance: How It Works, Costs and Free Quotes
url: https://coverfolk.com/coverage/term-life
updated: 2026-10-08
---

# Term life insurance

Covers your paycheck while the kids grow up and the house gets paid off.

[How much do I need?](/calculator)

Updated October 8, 20265 sources[Fact checked](/editorial-standards)

The short answer

Term life covers you for a set number of years, like 10, 20, or 30. If you die in that time, your family gets the money.

## Who it fits

Families who need a lot of coverage for a while, like until the house is paid off or the kids are grown.

Who buys it
:   Ages 18 to 65

Medical exam
:   SometimesDepends on age, amount and company

Ages
:   Most companies sell term only up to a certain age, usually 70 or 80.

## What to know before you buy

**Lowest cost**

Term is the simplest and least expensive type of life insurance.

**Pick your years**

Terms can run 1 year or 5 to 30 years or more.

**No cash value**

Most term policies have no cash value. You pay for the death benefit only.

**Renewal costs more**

You may be able to renew after the term, but the price is often higher.

**Can often convert**

Many policies let you switch to permanent coverage with no health questions, usually up to about age 65.

## Common questions

What happens when my term ends?

Coverage stops. Some policies let you renew at a higher price or convert to permanent coverage.

Is term cheaper than whole life?

Yes. Term costs less than permanent coverage for the same death benefit.

How long should my term be?

Match it to your needs. For example, the years left on your mortgage or until your kids finish school.

Can I cancel if I change my mind?

Most policies have a free look period, at least 10 days, to cancel for a full refund.

## Pick a term length

[10 year term](/coverage/term-life/10-year)[15 year term](/coverage/term-life/15-year)[20 year term](/coverage/term-life/20-year)[25 year term](/coverage/term-life/25-year)[30 year term](/coverage/term-life/30-year)

## Learn more

[**Term vs whole life: which one is right for me?**](/answers/term-vs-whole-life)[**How much life insurance do I need?**](/answers/how-much-life-insurance-do-i-need)[**How much does life insurance cost?**](/answers/how-much-does-life-insurance-cost)[**What happens when my term life policy ends?**](/answers/when-term-life-ends)[**Can I turn my term policy into a permanent one?**](/answers/convert-term-to-whole)[**What is the difference between level term and decreasing term?**](/answers/level-vs-decreasing-term)

## Sources

1. [Texas Department of Insurance: Life insurance guide](https://www.tdi.texas.gov/pubs/consumer/cb018.html)
2. [Texas Department of Insurance: Do you need life insurance?](https://www.tdi.texas.gov/tips/life-insurance.html)
3. [Triple-I: What are the principal types of life insurance?](https://www.iii.org/article/what-are-the-principal-types-of-life-insurance)
4. [NAIC: What Type of Life Insurance Is Right for You?](https://content.naic.org/article/consumer-insight-what-type-life-insurance-right-you)
5. [Illinois Department of Insurance: Buying Life Insurance](https://idoi.illinois.gov/consumers/consumerinsurance/lifeannuities/buying-life-insurance.html)

Other coverage

## Compare with the others

[Ages 50 to 85

### Final expense

Small whole life plans that pay for a funeral and last bills.

See final expense](/coverage/final-expense)[Any age

### Whole life

Coverage that lasts your whole life and builds cash value.

See whole life](/coverage/whole-life)[Homeowners

### Mortgage protection

Life insurance sized to your home loan, so the house stays paid.

See mortgage protection](/coverage/mortgage-protection)