level term life insurance vs. yearly renewable term life insurance?

level term the premium stays level throughout the contract and is gauranteed never to increase.
Yearly renewable term the premiums get larger every year, and eventually they just become unaffordable. However the advantage to that is in the begginning the premiums are cheaper than the level term policy.
Unless you plan on only using it for a few years, you would want the level term policy. The term should be long enough so that by the time it expires your house is payed off, your debts are payed off, the children are finished with college and you have significant assets to where life insurance is no longer necessary.
Most people buy 20 year term when they should be buying 30 year term. However those extra 10 years do make the policy considerably more expensive.

The premiums of a level term life insurance remain the same throughout the entire term period. So even if your term is 30 years and you have opted for a level term life insurance policy, your premium payments will remain the same for 30 years. The cost is slightly more than regular term life insurance.

In contrast, the premiums of renewable term life insurance may increase from year to year and you have no control over this. If you can still afford the policy, you can “renew” your term life insurance policy each year.

Denise