Affordable Life Insurance Protection for Your Family
How Term Life Insurance Rates Work
If you are shopping for a term life insurance policy, you may be wondering if the rate you pay for your policy is locked-in, or if it will ever increase in the future.
This is a really good question, and something you should consider before choosing a policy.
There are several different types of term life policies available, and not all have the same approach to how rates are handled.
Some of the most Common Types of Term Life Insurance include:
Level Term – This type of term policy is the most popular. It has premiums that remain level for the entire duration of your policy term, and the premiums stay level each year, too.
So, your rate never increases throughout the life of your policy. You can choose level term coverage for a "term" of 10, 15, 20, 25 or 30 years. Get a Free Quote.
NOTE: Level Term Rates are Locked-In for the entire duration of your policy term.
Decreasing Term – This type of policy provides life insurance for a period of up to 30 years. Your premium remains the same each year, but the amount of life insurance provided by your policy decreases each year.
Annual Renewable Term – This type of policy provides you with life insurance for a period of one year. You may choose to renew your policy for another year at an increased premium.
Term to 70 – This type of term life plan provides coverage up to age 70. The premiums are usually level for the first 20 years you are insured, then each year the premiums increase until you reach age 70.
Return of Premium Term – This type of life insurance provides coverage for up to 30 years with premiums that remain level for the life of the policy term.
However, your premiums are usually much higher than you pay for regular level term life insurance, because, if you outlive the duration of your policy, you get back almost all of the premiums you paid for your coverage over the years you were insured.
Term Life Insurance Quotes
Top Pick – JRC Insurance Group
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