There are four different types of term life insurance policies one of which is renewable term insurance. This policy will delete your need to submit to a physical when renewing your policy. The company agrees to renew your policy even if your health has declined however, be prepared to pay higher premiums with each renewal when purchasing this plan.

Convertible term insurance will allow you to switch from term to permanent life insurance without succumbing to a health exam first. Of course this convenience will more often than not come with expense of higher premiums. On bright side once you convert to permanent your premiums will not increase as with renewal of term plan.

Level term insurance presents a permanent premium for a pre-determined number of years, usually 10 or 20, and death benefit remains same. With this policy you will lock in a particular price for duration of policy. The down side to this plan is that rate will rise significantly if you decide to renew with subsequent level policies.

The remaining plan is decreasing term insurance policy. Throughout term of this policy death benefit will decrease. You may start out with $250,000 worth of coverage however for first 10 years each year your benefit will be reduced by $10,000. The premiums on this policy will also vary over term of policy, it is for these reasons that this policy is not highly recommended nor sold very often.