Bank of America's term life insurance is a basic plan designed for people who need coverage during a short or fixed period of time lasting from one to 30 years. For example, it can provide extra protection while you're paying off a mortgage or have anther big financial obligation. But it can be tough to renew these plans in your 60s and 70s. There are two kinds available. Annually renewable plans offer initially low premiums that increase as you get older. Level term plans usually have higher premiums that are fixed for the entire term.