Insurance Expert: Level Term Life Insurance At-A-Glance

Level Term Life Insurance At-A-Glance

Why Level Term Life Insurance May Be for You

Despite having some similarities, level term life insurance and term life insurance differ in one profound way: your premium doesn’t fluctuate throughout level term life insurance coverage. You’ve worked too hard over the years to not be able to benefit from a life insurance policy. Unfortunately, not everybody is able to afford the monthly premium payments that coincide with quality coverage. That’s where level term life insurance comes in.

Unlike other life insurance policies that increase in price over time, level term life insurance stays at a fixed rate for your choice of 10, 15, 20 or 30 years, depending on which term life insurance policy you obtain. After your policy expires, you also have the option of renewing or upgrading your policy should you wish to continue benefiting from level term life insurance.

Level term life insurance is a wise decision when:

• You need protection for a mortgage or a student loan
• Money is scarce and you cannot afford to pay increasing monthly payments
• You have outstanding loans as a business owner and don’t want to be a financial burden to your partners or shareholders

NOTE: Keep in mind that while level term life insurance offers some nice perks, it does not build cash value and will never be eligible for dividends.

Pay the Right Amount with Level Term Life Insurance

If level term life insurance sounds like something you’re interested in, make sure you talk to your life insurance agent before making any drastic decisions. Term life insurance is not for everybody and if you experience a sudden change in your health, obtaining a whole or permanent life insurance policy will be nearly impossible.

That’s not to say, however, that level term life insurance should be avoided. If you’re in need of protection for your mortgage or student loan but are worried that your monthly premium payments will be too much, level term life insurance might be the help you’re looking for.

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