Types of Term Life Insurance

What Are The Types of Term Life Insurance Policies?

There are 6 Main Types of Term Life Insurance for which you can receive a life insurance quote: Renewable, Level, Decreasing, Convertible, Return of Premium, and No Exam Term Life.

Level Term Life Insurance is by far the most popular type of term life insurance.

Level Term Life Insurance provides a fixed amount of life insurance with premiums that remain the same over a certain period of time, usually in five- to 10-year increments. Common terms for level term insurance include:

• 10-year term
  
• 15-year term
  
• 20-year term
  
• 25-year term
  
• 30-year term

There are also policies that set the term to a specified age (usually 65). That means your life insurance policy would last until you reach age 65. Learn more

Renewable Term Life Insurance provides coverage for a specified number of years - usually 1 or 5 year increments, and can be renewed without the insured person having to provide evidence of good health each year.

Decreasing Term Life Insurance offers premiums which remain level (the same), but the amount of life insurance coverage decreases each year throughout the term of your policy.

Convertible Term Life Insurance - Some term policies are convertible, which means that you have the right to change your policy to a permanent type of life insurance without having to take a medical exam, although this will probably result in a higher premium.

Return of Premium (ROP) returns your premiums at the end of your policy term if you are alive. However, the premiums charged for this type of life insurance are usually much higher than for policies without it, such as, Level Term Life Insurance. Some policies will return only the base premium but not the extra premium (for the return benefit); others will return both.

No Exam Term Life Insurance provides life insurance coverage with no physical exam required, just a few health questions. Your answers determine whether you are approved for coverage. If you qualify, you may begin your life insurance policy the same day.

Childrens Life Insurance provides up to $30,000 of life insurance protection for your children or grandchildren. You can apply online now. There's no medical exam required. Just a quick and easy online application.

We’ve partnered with Efinancial to give you free life insurance quotes from over 100 top-rated companies. Just answer some simple questions and get the 12 lowest quotes within 10 seconds.

Your quotes will provide you with the coverage amount, the premium, the number of years the policy lasts, and the financial ratings for each company which is provided by A.M. Best rating service.

You will have everything you need to help you choose the right plan to protect your family. You can choose the quote and company you like and apply online with no obligation. Secure your family's financial future today with quality, affordable term life insurance. Get your Free Term Life Insurance Quotes now.