Term life insurance policies are known by the period of time when the premium is guaranteed to remain level.
For example, "10 year level term" is life insurance with a guaranteed level premium for a period of 10 years.
That doesn’t always mean that the life insurance policy expires in 10 years.
If it doesn’t expire the renewal premium for every year after the guaranteed level term period (of 10 years in this example) increases and in later years the premium becomes very expensive.
That's why, after the first 10 year term ends, you may want to compare rates again for another term of 10 years or more, if you do need further coverage. Because, if you renew the term policy each year after the first 10 years, the rate increases each year; whereas, another 10 year term policy would have guaranteed level rates for the new 10 year term.
Learn more about how level term life insurance works and compare rates from leading life insurance carriers in minutes.
For example, "10 year level term" is life insurance with a guaranteed level premium for a period of 10 years.
That doesn’t always mean that the life insurance policy expires in 10 years.
If it doesn’t expire the renewal premium for every year after the guaranteed level term period (of 10 years in this example) increases and in later years the premium becomes very expensive.
That's why, after the first 10 year term ends, you may want to compare rates again for another term of 10 years or more, if you do need further coverage. Because, if you renew the term policy each year after the first 10 years, the rate increases each year; whereas, another 10 year term policy would have guaranteed level rates for the new 10 year term.
Learn more about how level term life insurance works and compare rates from leading life insurance carriers in minutes.
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