Term Life Insurance Level

Learn About Level Term Life Insurance

 

Are You Shopping for a Term Life Insurance Policy?

If so, you may have heard about "Level Term" plans and wondered what level term means and how it works?

Well, it’s the most popular type of term insurance plan. Level term offers the most affordable prices on life insurance and guarantees your premium will remain the same for the entire length of time you are insured by your policy.

 

Definition: Level Term Insurance coverage in which the face amount of a policy remains the same, neither increasing or decreasing, for as long as the policy remains "In Force".

In addition, the premiums remain the same each year for the entire duration (term) of your coverage.

Level term life policies may be available providing coverage for a period from 10-30 years. Some carriers may offer 5-year level term coverage.

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Level Term Offers Several Key Benefits:

  • Flexible – Choose coverage to meet your needs for a duration of 10, 15, 20 or 30 years.
  • Affordable – Level term coverage offers the lowest rates available.
  • Renewable – Renew your coverage for another term when your first policy expires.
  • Pure Protection – Not an investment, it is only life insurance protection.
  • Easy-to-Understand – You are insured for the period of your term, if you outlive your policy term, your coverage ends with no payout. If you pass away during the term of coverage, your beneficiary receives the death benefit.

 

How Much Does Level Term Cost?

The premium you pay the insurance company for your life insurance coverage will be based on the amount of coverage you buy and the length of time you are insured.

Your age, gender and health also impact your rate for life insurance.

Other risk factors include your family health history, lifestyle, tobacco use, driving record, height-to-weight ratio, hobbies and occupation, among other things.

The younger and healthier you are when you purchase your term life policy, the lower your cost of coverage.

The shorter the duration of coverage and the lower the amount of insurance, the lower your cost of insurance. 

Buying a level term insurance policy while you are young and healthy can help you lock-in a low rate that is guaranteed to remain the same for the duration of your policy.

  

Sample Rates for Level Term Policies:

$500,000 coverage for 20 year level term life insurance policy 

  • Male: 35 year-old in excellent health for $21.90 per month.
  • Female: 35 year-old in excellent health for $19.05 per month

 

How Much Level Term Insurance to Buy? 

The answer will vary depending on your own personal situation. However, most experts recommend that you buy at least 7-10 times your annual income for life insurance.

So, if you earn $60,000 per year you may want to purchase somewhere between $420,000 up to $600,000 of term insurance.

In order to get a more accurate estimate of your needs you may want to use a term life needs calculator which will give you an accurate estimate based on your own personal situation and goals. And, it only takes about a minute or two to use the free calculator.

 

Does Level Term Require a Medical Exam?

It depends on your age, health, and the amount of life insurance you need. Usually, people over age 35 and requesting more than $50,000 of coverage will need an exam, which is paid for by the insurance company.

However, there are no exam term life policies available that offer very competitive pricing and allow you to begin your coverage within 24 or less, instead of waiting 6-8 weeks for your approval and policy.

 

Level Term Life Insurance Quotes


Top Pick – JRC Insurance Group

JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote

  • Level term coverage for 10, 15, 20 or 30 years.
  • Choose from $25,000 up to $9,000,000 of coverage.

 

Highly Recommended – Haven Life

  • Get up to $1,000,000 of affordable term life insurance today
  • Apply online in under 20 minutes, start coverage today
  • Backed by MassMutual, rated A++ by AM Best
  • Level term coverage for 10, 15, 20 or 30 years.
  • Choose from $100,000 up to $1,000,000 of coverage.

Haven Life uses the information provided in your application to make an instant decision on your application. Healthy, qualified applicants (based on the information provided in your life insurance application) can be insured immediately with no medical exam while other applicants can receive immediate coverage pending a medical exam.



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Term Life Insurance Level

 


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