Level term life insurance one of the life insurance types…

Level term life insurance guarantees you level premiums for the term of the life insurance.

The common term durations are 10, 15, 20, and 30 years.

Premiums paid each year do not change for the time period of the contract.

Premiums are based on the total cost per year’s annual renewable term rates, with time value adjustments of money calculated by the carrier. This means that the longer the period of the term, the more the premium will be.

This averages in the older, more expensive to insure years into the premium amount.

Many level term life insurance types have a renewal option that allows the insured options to renew for a capped guaranteed rate if the insured reaches the end of the term and needs to renew to keep coverage.

Please note, the renewal might not be guaranteed so review the contract and poor health could cause you to be un-insurable through a term policy.

Decreasing Term Insurance, another of the life insurance types…

Decreasing term also known as mortgage life insurance pays out a death benefit that decreases in value over the life time ot the policy. The premiums you pay generally stay the same through the term of the contract. The decrease in payout value is normally monthly or yearly and the length of the term can be be anything from 1 year to 30 years.

This may benefit you if you are younger and have a new mortgage and car loans, and large debts to cover.

Take note, this should not be your only life insurance types coverage as it will not work well to replace your income to support your family.

Increasing term insurance, another of the life insurance types…

With a higher premium, you can sometimes buy an option that increases the amount of your benefit. This can increase by set intervals, annually, or upon an event – getting married or having a baby, for instance.

In buying this add-on your advantage is that the premiums are based on your health at the time you first took out the original policy, even if later your health is not so great.

Convertible Term Insurance, another of the life insurance types…

Convertible term insurance is coverage that allows you to convert to a permanent or whole life insurance policy.

A definite advantage to convertible term life insurance is that the carrier is bound by the terms and conditions of the policy to renew your coverage, even in the event that the insured persons health has declined. Many times, this translates to mean that as long as you make your payments on time and otherwise comply with the conditions of the policy, the coverage remains in full.

Renewable Term Life Insurance, another of the life insurance types…

Renewable term life insurance can be renewed when the initial term ends. For example, an annually renewable term life policy would allow the insured the option of renewing their coverage on a yearly basis. Renewable term coverage is attractive to many people because it offers the option of renewability without requiring further proof of insurability at renewal.

Permanent Life Insurance Types

Permanent life insurance or whole life is where the policy runs for the life of the insured, the payout is guaranteed to pay at the end of the policy (as long as you pay your policy premiums on time) and the policy will gain cash value.

Permanent life insurance was originally made available as a fixed premium fixed return policy as whole life insurance or cash surrender life insurance. This gave people guaranteed cash value growth and a steady premiums. Later, a policy with more flexibility was offered called universal life insurance.

Universal life insurance types allow flexibility for when premiums are to be paid and the amount that they should be. Permanent withdraws of cash from the policy are allowed without interest like the loan provisions in whole life policies. Universal life policies retain fixed investment growth of whole life policies. Variable life insurance follows the mold of whole or universal life, but it shifts the investment risk to the consumer along with the potential for greater returns. Variable universal life insurance combines this with the flexible premiums of universal life to obtain the most free form options for people to manage their own money (at their own risk). Greater returns possible with greater risk of the life insurance types.

Here are additional life insurance no medical exam information sites, thank you for visiting my life insurance no medical exam site, I am here to help you any time...


Digital Life Insurance
15 Insurance Policies You Don't Need
How Much Life Insurance Do You Need
Term Life Insurance vs. Permanent Life Insurance?
Know Your Life Insurance Needs
Life Insurance Calculator