What are the main types of term life insurance available for purchase?
In general, there are three main types of term insurance available: Level term insuranceThe 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.Decreasing term insuranceThe 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. Annual renewable term insuranceThe 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.
