Term life insurance policies offer life insurance at a fixed rate for a limited time. Once the term has expired and the insured is still alive, coverage ceases unless the insured renews the policy, often at a higher rate. The premium that has already been paid is not refunded. In the event of the insured's death, full benefits are paid to the beneficiaries listed on the policy, assuming the policy is active and the premiums are up to date. The simplest form of term life insurance is for a term of one year, but because people are unlikely to die in one year, annual term life insurance is rare. The most common terms are ten, fifteen, twenty and thirty year policies. Term life insurers use the same "mortality tables" as permanent life insurers to calculate the cost of insurance, but because term policies are likely to expire without paying out, the premiums are substantially lower.