Annual renewable term life insurance has premiums that remain the same for one year. If you choose to renew the policy for another year when your coverage ends, the premium increases at renewal.
Level term life has level premiums that remain the same for the duration of your policy term, which may vary from a period of 5 to 30 years.
However, most level term policies last for a period of 10, 15, 20 or 30 years.
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