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What are the types of term life insurance available for purchase?
Wiki User
∙ 15y ago
There are several types of term life insurance available for purchase. Among the different types of term life policies are: 1. Level Term Life Insurance which provides guaranteed level rates and coverage for up to 30 years. 2. Decreasing Term Life Insurance provides rates that remain the same while the coverage amount decreases over the term of the policy. 3. Return Premium Term Life Insurance provides level term protection and you may receive a large portion of the premium back if you outlive the term of your life insurance policy. 4. Term Life Insurance with No Exam offers you level term protection without having to take a medical exam to qualify for coverage. == == There are three basic types of term life insurance policies available for purchase:
1. Annually renewable term life insurance. In this policy the premiums rise each year. This is not a very popular policy.
2. Level term life insurance. In this policy the premiums are guaranteed to remain steady throughout the term of the life policy.
3. Return of Premiums (ROPs). This policy may cost a bit more than the standard term life policy. All premiums paid are returned to the policy holder, without interest, at the end of the term period.
I would recommend that you compare term life quotes from multiple life companies. Online quote providers represent hundreds of reputable companies and can assist you in this process. This will increase your chances for getting the best term life policy at the most affordable price.
Wiki User
∙ 15y ago
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