There are many factors that should go into choosing a term life insurance policy. You want to make sure you get the kind of coverage you want in the amount you want. After you’re gone, you can’t undo the mistake of choosing the wrong term life insurance policy, so it’s important for the sake of your loved ones that you choose wisely today.

The first thing you want to consider when choosing a term life insurance policy is whether or not the policy is guaranteed to be renewable. When a policy is guaranteed to be renewable, it means you can continue to be covered without a medical exam, year after year, until the term of the policy expires. If you can’t find a term life insurance policy that is guaranteed to be renewable through the entire life of the policy, you might be able to find one that requires only a few medical exams over that time.

If possible, you should try to choose a term life insurance policy that doesn’t have a rising premium. Unfortunately, most policies do, so here again you’ll want to try to find one that is only allowed to rise at specific intervals and for specific reasons.

The length of your policy is important, as well. Term life insurance policies are offered from just a few years up to 30 years. When you buy a longer term policy, you can usually get something of a better rate. Make sure you know what will happen if you cancel the policy, and what sorts of events might cause the policy to lapse and not be renewed.

Obviously, the amount of coverage on your term life insurance policy is an important factor to consider, too. You want to make sure the policy is enough to not only cover your final expenses, but to keep your family living in the manner to which they were accustomed when you were around.

Opinions differ on this point. Some experts suggest that the face value on your term life insurance policy should be as much as eight times your annual salary, while others suggest that three or four times is sufficient. For most folks, somewhere in between is probably the right amount. Keep in mind, too, that too little life insurance is still better than no life insurance, so if you don’t yet have a policy even a lower value policy will help protect your family in case the unfortunate happens.

Finally, make sure you do some comparison shopping for your term life insurance policy. Rates can vary greatly, so you’re much better off having quotes from several different providers. Make sure, of course, that you’re comparing similar policies, so you can truly know which one is less expensive in the end.