Get Level Term Life Insurance
Learn How to Get Level Term Life Insurance
What is level term life insurance?
It's temporary life insurance for a specific number of years, usually 10, 15, 20 or 30 years. It provides premiums and coverage that are guaranteed to remain level for the entire term of your life insurance policy.
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For Example: 10 year level term policy, face amount $250,000 - Annual premium $250
In this example you would pay $250 each year for a $250,000 life insurance policy with coverage that would last for 10 years. As long as you pay your premiums the coverage remains in effect. If you die during the 10 year period, your beneficiary (you choose) receives the proceeds of $250,000 from the life insurance policy.
If you outlive the 10 year term, your life insurance expires. At that time you may choose to buy another term life insurance policy, but the rates may be higher, based on your age and health at that time.
Renewable term life insurance allows you to renew your term life policy without having to take a medical exam in order to qualify for a new policy. That’s why you want to ask about the Renewable Provision in your policy.
When considering Level Term Insurance, make sure you know:
- How much life insurance you need.
- How many years you need life insurance – 10, 15, 20 or 30 years.
- How much you can afford to pay for life insurance.
Review the financial strength rating of the carriers, this will be provided with your life insurance quotes. The higher the rating, the better able the insurer is to pay their claims, and meet their financial obligations. Generally, a rating of "A" (Excellent), or better from AM Best Company may be a financially stable insurance company.
Make sure you compare multiple life insurance quotes from several insurers, because your life insurance rates may vary quite a bit between insurance companies.
For instance, if one life insurance company charges you $500 per year for a $500,000 face amount, 10 year level term policy, and another charges $600 per year, the lower rate would save you $1,000 ($100 x 10 years) over the 10 year term of your policy.
Many young families and couples choose to get level term life insurance because it provides the maximum amount of life insurance at the lowest cost.
You can buy up to 30 years of level term life coverage to provide funds to pay off your mortgage, provide money for your kids college education, or any reason you choose.
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