Life insurance through your employer is not portable, so it won’t come with you if you leave the job. Also, the amount is often not enough to meet people’s protection needs.

“Term” refers the length of coverage that you choose. If you pass away during the term (usually 10, 20 or 30 years), your beneficiaries receive a cash payout.

There are other types of insurance for people seeking life-long coverage, but these types tend to be more expensive.

Rates tend to go up as you age. Buying a policy when you’re younger lets you lock in a lower rate.

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With term life insurance, you’re only paying for the years where the need is greatest (when your kids are younger or in college), and it is usually the most affordable type of insurance.

This depends on what you want to leave when you’re gone. There are two common methods for calculating the amount of life insurance you need: lump sum and income replacement.