Length of Term

• Term life insurance is sold for a number of different terms or years. Common choices include 10-, 15-, 20- and 30-year terms, but offerings will vary depending on the insurance company. Many buyers choose terms that last until their children become adults or graduate from college.
  
  

Amount of Coverage

• The amount of coverage that an individual will need will vary based upon a specific situation. Some expenses that buyers may wish to cover with term life insurance include loss of income to support a spouse and children for a certain number of years, the home mortgage, children's college tuition, personal debts and funeral costs.
  
  

Choosing an Insurance Company

• Rates will vary greatly among different insurance companies, and buyers should consider various companies to find the best deal. Buyers should also be certain that the insurance company they choose is sound financially. Organizations such as A.M. Best provide financial-strength ratings for insurance companies (see Resource).