The basic premise of term life insurance is simple. You’ll pay the same affordable premium for a certain period of time (usually 10, 20 or 30 years). After that period of time ends, your premium will increase. You’ll continue to enjoy coverage for as long as you pay the premium. Term life insurance is often a great choice for those people who anticipate having a limited budget over the next several years. If you choose a shorter term (maybe 10 years instead of 20, for example), you’ll pay a lower premium. Generally speaking, life insurance policies get more expensive as you get older, which makes sense when you consider that your risk of passing away increases as you age.