There are so many choices available for those looking a good for life insurance policy these days. Finding a type of policy that is right for you and your family may seem like the old “needle in a haystack” quest. The best place to start is to first consider the question of whole life versus term insurance.

For some, the fact that term life is the least expensive type of coverage available is the deciding factor. Term life’s low cost is a reflection of the fact that it is pure insurance whose only benefit is the death benefit payable if the worst should happen.

As it’s name implies, term life policies provide coverage for a stated term of time. The length of time that the policy is in effect is known as the “term” of the policy. An individual can choose how long they would like to keep this policy open. Most term policies have terms between 1 and 30 years, with “term to age 65″ an option with some policies.

The applicant can also request that the face value of the policy remain level or decrease over the life of the policy. Decreasing term policies are designed to offer protection for an obligation that will get smaller over time. Buying a 30 year decreasing term policy to pay off your mortgage is a good example.

Level term policies are used in those cases where premium cost is an issue. Make sure that any policy you may consider has a “guaranteed renewable and convertible” clause in the policy. This clause allows you to renew your term policy or convert it to whole life without having to re-qualify.

One thing is for sure. You cannot predict your situation at the end of your policy’s term. Why take the chance of needing one of these options and not have them available?