Buying a term life insurance can be a daunting process, with the myriad of choices available. Contrary to paying for traditional life insurance policy, term life offers lower premium payable for the term of the insurance and greater flexibility. The premium duration differs from yearly renewal, to fixed years depending on how the insurance company allocates. Generally, the yearly renewal policy will cost the least, as the insurer’s health condition may deteriorate over time and premium will most likely rise. Example: If Jon buys an FWD term life yearly renewal policy, it will cost $8.35/month. If he chooses to apply for a fixed term of 5 years, the premium payable will be $8.54/month. This works out to a difference of $11.40, assuming that the yearly renewal premium does not change for 5 years. This is often not the case as the premium will get more expensive as Jon gets older....