Level term life insurance, the most common form of term life insurance, is a life insurance policy that gets straight to the point. Its similar to regular term life insurance in that it provides pure life insurance coverage when you need it with none of the frills of whole life insurance, such as forced savings components.
Level term life insurance has a guaranteed level premium, and you arent required to annually renew the policy. The insurance premium stays the same for a set period of time the length of time for which the policy is in effect (usually 10, 15, 20, or 30 years). The longer the policy is in effect, the higher the annual premium will be.
For example, if you purchase a level term life insurance policy for 10 years, youll pay lower premiums than youd pay if you purchase level term life insurance for 30 years. The reason for this is youll get much older during the course of a 30-year policy than youll get during the course of a 10-year policy, and life insurance companies view older individuals as more risky to insure. If you purchase a 10-year policy when youre 30 years old, youll only be 40 years old when the policy expires; however, if you purchase...
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