Term life insurance provides coverage for a fixed period of time or from one year to 40 years or up to a certain age (usually 65 years). The death benefit or benefit amount is guaranteed for as long as the policy is in effect. Insurance premiums are much more affordable in this case than lifetime insurance. However, unlike permanent life insurance, this policy has no actual cash value or investment component. The term policy premiums may remain fixed for the entire term or increase over time.
Permanent life insurance provides lifetime coverage, and policies remain in effect as long as premiums are paid. Such a life insurance policy also generates dividends that can be used to pay premiums, reinvested, or withdrawn as income.
Before you buy a life insurance policy, think hard if you really need it. Life insurance is intended to provide a financial cushion for dependents after your decease, although it can also be used to support a family business.
Every American can purchase more than one life insurance policy.
Insurance companies use a number of factors to underwrite an applicant's risks; these factors are as follows:
Age;
Gender;
General medical condition (e.g., weight, blood pressure, cholesterol levels);
Family history;
Smoking;
Professional occupation.
The policy type, duration (if life), coverage amount, and any options you choose will also affect your life insurance premium.
Source: https://www.usnews.com/insurance/life-insurance/guide-to-policies-and-companies
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