Term life insurance premiums (aka what you pay each month for coverage) are based on three factors:
- The amount of coverage or death benefit (How much coverage do I need?)
- The term length
- Your risk class
Your risk class is determined by the underwriting process (it's why we ask all those questions about you). But your premium doesn't have to solely depend on that. If you find yourself on a specific budget, you can find the right premium by adjusting either the coverage amount or term length (or both!).