Guaranteed level term life insurance is a type of temporary life insurance plan that provides you with guaranteed level premiums and a guaranteed level amount of life insurance coverage for the entire term (duration) of your term life insurance policy.
For instance, if you pay $250 annually for a 10 year $250,000 level term life insurance:
This means once a year you pay $250 and in return you have $250,000 of term life insurance coverage for a period of 10 years.
The amount of life insurance, and the premium amount stay the same each year for the 10 year period.
If you die during the 10 year term, your beneficiary (you choose) will receive the death benefit of $250,000, subject to any exclusions in your life insurance policy.
If you outlive the 10 year term, then your life insurance coverage ends. If you have renewable term life insurance you may renew the policy for another 10 year term with rates based on your age at that time.
Learn more about guaranteed level term life insurance plans and how they work.
For instance, if you pay $250 annually for a 10 year $250,000 level term life insurance:
This means once a year you pay $250 and in return you have $250,000 of term life insurance coverage for a period of 10 years.
The amount of life insurance, and the premium amount stay the same each year for the 10 year period.
If you die during the 10 year term, your beneficiary (you choose) will receive the death benefit of $250,000, subject to any exclusions in your life insurance policy.
If you outlive the 10 year term, then your life insurance coverage ends. If you have renewable term life insurance you may renew the policy for another 10 year term with rates based on your age at that time.
Learn more about guaranteed level term life insurance plans and how they work.
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