Hi,
I am 39. Did not know about level term vs annual renewable term... new to me that.
Not sure what that means... have to look it up now...
Sorry for the delay in answering. Most people promote level term insurance because that's what they're aware of. It's the standard, go-to product which is easy to explain and easy to sell.
The problem is that you have to pick exactly the right term for your needs. If you pick too short of a term and your situation changes (e.g., FI comes later than you thought due to major illness or other unforeseen event) you run out of coverage. But, if you pick too long of a term (e.g., going with 30-year term instead of 20-year) and you get to the point where you don't need the insurance, you wind up over-paying for the product. That's because level term insurance products are most expensive for the consumer up front and cheapest at the end. You overpay in the beginning and underpay at the end.
(This is one of many reasons why level term insurance has dropped in price so much...many consumers drop their policies early and so the insurance companies factor "lapse-based pricing" into their tables.)
The smarter way is to buy annual renewable term insurance. Each year, your policy renews at whatever the exact cost of coverage is at your specific age. You can keep the term policies for a very long time (often to age 70, 75, 80, etc), but your beginning premium will be less than the level term in the beginning.
This provides you with the best of both worlds--lowest up front cost and the ability to keep your policy for exactly the right amount of time for you. It's also possible to do a stair-step plan where you reduce your coverage every few years as your needs decline (and you do this while never over-paying like you would if you had a level term policy.)
However, as you can tell, it took me more paragraphs to explain than a level term policy. You won't find it quoted online. Talk to a traditional life insurance agent such as your New York Life agent or from another flagship carrier--Northwestern Mutual, Mass Mutual, etc.
By the way, this does change on age. For me, most people 45 and younger are better with ART. Most people 45 and older are better with level term because their lives are more predictable. That's not a hard number, just a general range.