I noticed that SBLI offers two different term life insurance products: Guaranteed Level Premium Term Life Insurance and Yearly Renewable Term Life Insurance. Why should I choose one over the other?
One advantage that guaranteed level premium term life insurance has over yearly renewable term life insurance is that your premiums remain level (fixed for a period of time). The price you pay will never go up or down during this period. Premium is based on your age at the time you purchase the policy and it does not change during the guaranteed level premium period. It functions exactly as we described above, and can cover you until you reach 85 years of age. Keep in mind after the guaranteed level premium period that you choose ends, the premium will go up until age 85 when the policy ends. With yearly renewable term life insurance your policy renews every year. Each year, the premium you pay will be calculated based on your current age. It is very inexpensive in the early years and then increases as you get older. The plan will automatically renew every year until you reach the age of 90 and you will not be required to have a paramedic exam or provide proof of insurability each year
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