Term life insurance provides an alternative to whole life insurance and is usually cheaper in the short term. This type of life insurance only covers you for a specific amount of time. You can take out term life insurance for as short as a year, which could benefit you if for example, you plan to work at a job or participate in an activity with a higher element of risk. Most term life insurance policies require a medical examination, and the premiums you pay will depend on your health and lifestyle. Unless you're only looking for short-term coverage, you should get a term life insurance that won't change with the condition of your health.

Convertible term life insurance. If you plan to make the switch to a permanent life insurance such as whole, variable or universal life insurance but can't afford to get lifelong coverage right now, then convertible term life insurance may be the best for you. It lets you make the switch to a permanent insurance at any time. In most cases without the need for a medical examination. If you have long-term plans for your life insurance, this is probably the better term life insurance for you.

Renewable term life insurance allows you to extend your term as many times as you choose, normally until the age of 80. A major benefit of getting renewable term life insurance is that you can renew your policy without a medical examination. If you prefer term life insurance to a permanent insurance then this is a good choice, as you can extend your insurance coverage regardless of your health. Many insurers provide hybrids between renewable and convertible term life insurance. These hybrids allow you to renew your life insurance, and then convert it to permanent insurance at a later date.