There is no one set price for a Level Term Life Insurance Policy.
However, a rule of thumb is, the longer the term or duration of your term life policy, the higher the premium.
That's because the life insurance companies average out what the level term policy would cost at your starting age, and the cost of life insurance for the ending age of the term policy you chose.
If you took out a 10 year Level Term policy at age 30, the policy will end or the price will go up quite a bit at your age 40.
Mortality (death) rates are not too high at age 40, so the life insurance premium will be relatively low.
If you locked-in that premium for 30 years (30 year level term), the life insurance policy will end at your age 60, which is when mortality rates are much higher than for a 40 year old.
Therefore, the premium will be higher to renew a term life policy at age 60 compared to renewing a term life insurance policy at age 40.
However, the life insurance premium you have locked in is based on your health at age 30. And that can make it be a very good deal, to have a guaranteed rate for 30 years that will not increase during that time.
You can learn more about level term life insurance rates and compare pricing online from multiple insurers with no delays.
However, a rule of thumb is, the longer the term or duration of your term life policy, the higher the premium.
That's because the life insurance companies average out what the level term policy would cost at your starting age, and the cost of life insurance for the ending age of the term policy you chose.
If you took out a 10 year Level Term policy at age 30, the policy will end or the price will go up quite a bit at your age 40.
Mortality (death) rates are not too high at age 40, so the life insurance premium will be relatively low.
If you locked-in that premium for 30 years (30 year level term), the life insurance policy will end at your age 60, which is when mortality rates are much higher than for a 40 year old.
Therefore, the premium will be higher to renew a term life policy at age 60 compared to renewing a term life insurance policy at age 40.
However, the life insurance premium you have locked in is based on your health at age 30. And that can make it be a very good deal, to have a guaranteed rate for 30 years that will not increase during that time.
You can learn more about level term life insurance rates and compare pricing online from multiple insurers with no delays.
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