Term policies can be

1. level, (the amount of coverage is fixed during the period of coverage) or declining, (the coverage drops according to a specified schedule).

2. renewable, (the policyholder can continue the coverage at the end of the term by paying further – higher – premiums) or non-renewable, (the policyholder cannot continue the coverage at the end of the term).

3. convertible, (to whole life or other cash value insurance) or non-covertible, (no convertibility to whole life or other cash value insurance is available).

Term policies with options to continue or convert coverage would generally cost more than those that do not have such options.