Term life insurance covers you for a specific amount of time. If there is a qualifying action during this period, your beneficiaries will collect on the policy. Most often, the policy can be renewed before the term is completed, but premiums will likely change to reflect the new situation.

Each person will have different requirements as well as different means. It is advisable to speak with an agent to determine what is typically appropriate for your situation before coming to a final decision.

This is an individual choice. You have complete control and discretion over who you assign as the beneficiaries.

Most insurers will require a physical examination before finalizing the terms of the policy, though this may be avoided in certain situations.