The main characteristic of level term life insurance is that it has the same amount payable at death, the death benefit, throughout the entire policy period. Level term life insurance also has level premiums, meaning the premiums you pay will not change during the policy period. For example, a 20 year level term life insurance policy will have a guaranteed death benefit amount and a guaranteed premium amount for the entire 20 year duration of the of the policy. After the 20 year period has expired, the policy may lapse without any further coverage or continue under one of several options.
Level term life insurance may be continued for annual consecutive terms after the initial policy period has ended by paying the yearly renewable term life insurance premium found in the policy schedule. Most level term life insurance policies allow you to renew coverage to age 95 and some go as high as age 100.
Another way level term life insurance may be continued past the expiration of the initial term policy period is by elected to convert to a permanent life insurance policy.
Level term life insurance is identified has having:
•Guaranteed Death Benefit
•Renewable Life Insurance
•Convertible Life Insurance
Protects you and your family!
Start Your Life Insurance Quote Today
© 2017 INSURANCE REIMAGINED, ALL RIGHTS RESERVED. The information being discussed throughout this website is basic and general in nature and is intended for educational purposes only. No specific products or companies are being solicited or offered. Please understand the rules and regulations governing insurance, tax, legal and financial issues are complex and are subject to state and federal variations and they have different interpretations. Therefore, should legal, investment, tax or financial advice be required, it is recommended that you do seek the advice of a licensed professional in your area. No specific investment, legal, tax or insurance advice is ever intended. Financial products do vary therefore look only to the specific details of the covered structure or product for benefits and features. Any discussions regarding guarantees, interest rates and rates of returns are purely hypothetical and not intended to represent assurances or guarantees.