Types of Term Insurances
There are a few common types of a level term. They depend on the term of coverage. The customer can choose from the next terms:
- Annually - renewable. Used to be a top seller
- 5-year - also renewable
- 20-year – is the most popular term these days
- term to a given age (as a rule 65)
So, what does renewable in this case mean? Renewable policy means that it remains valid for an additional term/terms, until the specified age. This happens even if the health of the insured (or some other factors) would force him/her to be rejected if he/she applied for a new life insurance policy.
We completely understand the value term life insurance can provide to the family’s stable financial future. We also know that it’s a very important detail from your financial plan. It should be a most cost effective option that allows you to concentrate on debt reduction and wealth building plans. Now you need to enter your zip code in the Get Stared box to get the best deals from Personal Money Service. FYI: we do not approve insurance policies, we only offer the best selection of insurance companies. Be safe and check our other services online!