If so, you may be wondering which type of term life insurance coverage is best?
Yes, there are a few different types of term life plans to choose from, including Level Term, Decreasing Term, Return of Premium, and No Exam term life insurance.
But, which offers the best plan at the most affordable rate to meet your family's life insurance needs and stay within your budget?
Good question. Actually, the most popular type of term life insurance is called "level term" life insurance coverage.
Why is it the most popular? Because, it offers you low rates, flexibility of coverage, and it's easy-to-understand.
How does level term life insurance work? Well, here's an example for you:
$250,000 10 year level term life policy with annual premium of $300.
You get $250,000 of life insurance protection for a period of 10 years. each year you pay $300 in premium to the life insurance company. The premium and amount of life insurance stay level each and every year you are insured for the 10 years.
If you pass away during the ten years, your beneficiary would receive the death benefit of $250,00. If you outlive the 10 year term, your life insurance coverage ends.
Many young families and people on a budget choose term life insurance because it offers the most life insurance at the lowest price.
And, you can choose coverage for a period of 10, 15, 20, 25 or 30 years.
Here's a resource to help you find the best term life insurance coverage today.