Benefits

• A five-year term life policy is relatively inexpensive when compared to longer term life insurance policies like 30-year term policies or permanent life insurance. Five-year term life covers very short-term life insurance needs.
  
  

Disadvantages

• Once the five year term is up, you need to requalify for insurance. This means that you may need to have another health insurance exam if your insurer required an exam when you first purchased your life insurance policy. When you renew, your policy premiums will increase.
  
  

Considerations

• Make sure you do not need a longer term life insurance policy. While initially more expensive, a level term policy that extends to 30 years or a permanent life insurance plan will offer you level premiums. Additionally, you won't have to worry about passing any additional health exams later on after you've obtained insurance coverage.