What is the difference between Term Life and other kinds of life insurance?
Term Life insurance is the simplest kind of life insurance–it pays your beneficiary the policy amount if you die while the coverage is in force (subject to the provisions of your policy). Level-premium term policies feature guaranteed premiums for the initial premium period, whether it is 5, 10, 15 or as many as 30 years. At the end of the initial premium period most policies are renewable, but your rates may increase each subsequent year, and you may be required to meet the insurer’s health criteria in order to renew. Return of Premium Term Life returns 100% of your base policy premiums at the end of the initial premium period. Whole Life insurance provides lifetime coverage with premiums that remain the same regardless of the insured’s age. Whole Life policies can build cash value. Premiums are generally higher than those for Term Life during the guarantee period. Universal Life insurance offers permanent coverage with flexible premiums and face amounts. These policies accumulate ca
