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Term life insurance is affordable, easy-to-understand coverage that gives you flexible, temporary protection. You will be covered for a specific period of time and the cost of your policy is guaranteed for the entire term. If you die while the policy is in effect, your beneficiaries will receive a tax-free payment. And, with most policies, you also have the option to convert your coverage to permanent insurance regardless of any changes to your health, occupation or lifestyle.
In general, there are three main types of term insurance available:1.Level term insurance
The amount of death benefit protection you purchase will remain the same for the entire term period. The premiums you pay for this level amount of death benefit may also be level for the entire period, may be level only for a specified period, or may increase over time.2.Decreasing term insurance
The amount of the death benefit protection you purchase will decrease over the term period. Premiums for a decreasing term policy usually remain level throughout the term period. Decreasing term insurance is generally purchased by those who have financial obligations that decrease over time such as a mortgage or a personal or a business loan.3. Annual renewable term insurance
The amount of the death benefit protection you purchase will remain the same for the term period. The premiums you will pay for this level amount of insurance will increase each year.
Most companies offer a variety of premium modes including annual, semi-annual, quarterly or monthly. In deciding which premium mode to choose you should consider the following:
If you choose to pay an annual premium and then decide to terminate your policy before the end of the year, the insurer is not required to refund any portion of the premium paid.
Generally, there is a higher cost associated with more frequent premium modes. Ask your agent or the company for a comparison of the different premium modes and the costs associated with each before making your purchase.