of life insurance provides protection for a specified period of
time, typically from one to 30 years. It pays a death benefit
only if you die during this term. A few of these policies can
be renewed automatically at the end of the coverage period, and
some can be converted to permanent insurance without the need
for a medical exam.
There are many different types of term life insurance available.
We have list of some to help you better understand
This policy allows you to renew coverage at the end of the term without
having a medical exam. The company has to renew your policy even if
your medical condition has deteriorated. However, the premium rate will
rise greatly with each renewal.
Convertible Term Insurance
This policy allow you to convert your term coverage into a permanent
policy without having a medical exam. This policy usually has a higher
premium and is usually higher than non-convertible policy premiums.
Level Term Insurance
This policy provides a fixed premium for a specified number of
years-- usually 10 or 20 years. The death benefit remains unchanged.
Beneficially, you lock in a certain premium rate
for the period of the policy.
Decreasing Term Insurance
The death benefit in this policy decreases over its term. For example,
you might start with $50,000 in coverage and the amount of coverage
may decrease by $5,000 each year for 20 years. This type of insurance allows
you to pay the same premium for less insurance over time, rather than
have your premium increase for the same amount of insurance.
Increasing Term Insurance
This policy starts at one level of death benefit which gradually
increases over the life of the policy. You may start with a $50,000
policy and increase the death benefit $5,000 each year for 20 years.
The premium will increase each year. This kind of policy may be appropriate
if you see your insurance needs growing in coming years because you are
buying a house or having more children.
So safeguard your
family's financial security! Get your
FREE life insurance quote TODAY! (For
our online form, click here).
Use our online life insurance form and you will receive a response
within one to two days from a licensed insurance professional in your
area. (For the online form, click