Level Term Life Insurance

Level term life insurance provides temporary coverage for a specified number of years, usually 5, 10, 15, 20, or 30 years.

Level term life insurance offers you premiums and life insurance coverage that stay the same each year for the term of your policy.

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For example - You buy a 10 year level term policy with $100,000 of coverage for $350 annual premium - You would pay $350 each year for 10 years, and if you die during that time, your beneficiary would receive $100,000.

Fact - In 2003, almost all (97%) of the term life insurance bought was Level Term Life Insurance (Source: Insurance Information Institute).

Benefit of Level Term Life Insurance

One of the most common worries among people looking for life insurance is the fear that their premiums will increase each year or the annual renewal rate will not be affordable forcing them to cancel their policy.

The fear of the unknown financial cost of a life insurance policy stops many people from getting the benefits of life insurance. What many people don’t know is that there are policies with level premiums. Level term life insurance allows people to budget for their life insurance without having to worry about changing rates.

How Level Term Life Insurance Works

Term life insurance is set up so you have life insurance for a specific period of time, usually 10, 15, 20, or 30 years. With a term life insurance policy, you will need to renew the policy every year, which means you have to pay a fee. This also means that your premiums may changes over time over the course of your term.

The benefit of level term life is the policy premium stays the same each year for the entire term of your policy. For example, if you have a 15-year term level life insurance policy, your premium will never change for 15 years. This way, you know what to expect and will not have to worry about increases you cannot afford.

Once your term is over, you will need to renew, or purchase a new term life insurance policy, which means your premiums may be higher from what you paid for your first policy. This is especially true if your health has changed which could affect the policy terms. However, you will still be able to continue having life insurance with the peace of mind of level premiums throughout your term life insurance policy.