Affordable Life Insurance Protection for Your Family
What is Level Term Insurance and How Does it Work?
Level term is the name given to a type of temporary life insurance policy that has premiums that remain level for the entire duration of your coverage.
In addition, the amount of life insurance provided by your policy stays the same for the term of your life insurance.
Most level term policies last for a term of 10, 15, 20 or 30 years. The key element is that both the premium and the death benefit remain fixed for the life of the policy.
This means the premium does not increase over time as you get older or if you become sick. A level term policy pays the same benefit amount if death occurs at any point during the term.
If the policy is guaranteed renewable, you can extend coverage for an additional term without having to qualify again, but the annual premium will increase because you are older.
Example of Level Term Insurance
10 year $250,00 Policy at $300 annual premium.
This means you pay $300 each year for $250,000 of life insurance that lasts for a period of 10 years.
Cost of Level Term Coverage
The cost of a term life plan will depend on the length of your term and the amount of life insurance coverage provided by your policy.
Is a Medical Exam Required?
Most life insurance carriers require the applicant to take a paramedical exam, which takes about 15 minutes. However, there are policies you can buy without having to take a health exam.
Level Term without an Exam
Some life insurance carriers offer as much as $100,000 or more of no exam term insurance with level premiums.