With fixed term coverage thou get an amount of life insurance that remains the same each year for the duration of your term.
In addition, the premiums you pay will be the same amount each year for the duration of the term.
So, if you have a 20 year fixed term policy with annual premiums of $250 and $150,000 of coverage, here's how it works:
You pay $250 each year for 20 years. If you die during the 20 year period of time, your family receives the death benefit of $150,000 free from federal income tax. If you are alive after the 20 year term ends, the life insurance coverage expires, unless you renew your policy for another term.
Many people choose a 20 year fixed term policy to pervade protection for their growing family, their home mortgage, or their family's financial security. Term life can help to replace your lost income for your loved ones.
Here's how you can compare 20 year fixed term insurance quotes online today.