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Term Life Insurance

Types of Term Life Insurance Policies

There are five main types of Term Life Insurance for which you can receive a quote:

  1. Level-Level Term. Level Term policies provide a fixed amount of coverage with premiums that remain stable over a certain period of time, usually in 5 to 10 year increments. Common durations for level term insurance include:
    10-year term
    • 15-year term
    • 20-year term
    • 25-year term
    • 30-year term
    • Also, there are also policies that set the term to a specified age.
  2. Renewable.
  3. Decreasing Term- This means the premiums remain level, but the amount of coverage decreases throughout the term.
  4. Convertible Term - This means that you have the right to change to a permanent type of life insurance without a medical exam, although this will probably result in a higher rate.
  5. Renewable Term -the policy continues for a specified term, typically in one or five year increments. It can be renewed without the insured having to obtain a medical exam each year. The premiums for insurance with this feature are often significantly higher than for policies without it and generally require that you keep the policy in force to its term.