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What Is Term Life Insurance? or other investments. Although this type of coverage is less expensive than permanent life insurance your premiums will increase at renewal periods as you grow older. Normally at renewal periods you will also be required to obtain a physical in order to qualify for the lowest rates. There are four different types of term life insurance policies one of which is renewable term insurance. This policy will delete your need to submit to a physical when renewing your policy. The company agrees to renew your policy even if your health has declined however, be prepared to pay higher premiums with each renewal when purchasing this plan. Convertible term insurance will allow you to switch from term to permanent life insurance without succumbing to a health exam first. Of course this convenience will more often than not come with the expense of higher premiums. On the bright side once you convert to permanent your premiums will not increase as with the renewal of the term plan. Level term insurance presents a permanent premium for a pre-determined number of years, usually 10 or 20, and the death benefit remains the same. With this policy you will lock in a particular price for the duration of the policy. The down side to this plan is that the rate will rise significantly if you decide to renew with subsequent level policies. The remaining plan is the decreasing term insurance policy. Throughout the term of this policy the death benefit will decrease. You may start « Previous Page « » Discuss it » Continue Reading »
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