Term Life Insurance    Term Insurance is the most basic form of life insurance, covering temporary needs for a specific number of years. Term Insurance includes mortgage insurance, family, personal or business loans, or replacement of income after a death. Factors that affect term insurance premiums include age, gender, health and smoking status.   Term Length  Example lengths are 5 years (T5), 10 years (T10), 20 years (T20) or until age 100 (Term-to-100 or T100). Aging increases the likelihood of death each year, but premiums are usually adjusted to be consistent throughout the term, so that the longer the term, the higher the premium rate.  Convertibility  The term policy can be converted to permanent insurance without requiring medical underwriting. There is usually a maximum age for conversions, such as 65 or 70.  Renewability  At the end of a given term, coverage can be renewed for the same period for a higher premium. Most plans are guaranteed renewable to a specific age, such as 80 or 85 and renewal premium rates are usually guaranteed at the original policy’s purchase.  Degree of Underwriting  Some plans have additional underwriting requirements for more precise evaluation of applicants.  Term insurance has one drawback in that it does not have a savings component. It is like leasing a car – you have no equity. It also does not take advantage of special tax advantages applied to life insurance. Alternatives to term insurance are permanent and universal life insurance, which combine term insurance with tax-deferred savings.