Are there different types of term life insurance?

There are different types of term life insurance. Two of the major types include level term and yearly renewable term. Level-term insurance is often a better choice because your premiums and coverage remain the same for the life of the policy. Yearly renewable term may start out costing less, but the premiums can adjust upward each year, and your coverage can change annually, meaning the policy is likely to become much more expensive as you age.