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Term life insurance is the cheapest form of insurance, it insures you for a fixed number of years and the rates do not change. It is the best thing a person can do for themselves when it comes to life insurance.

Whole life insurance (or Universal Life) is different, you invest at the same time as insure your life and the rates go up and down inside the policy. I would always recommend term life insurance because there are better ways to invest than whole life. Whole life should be a last resort after IRA's, 401K are all maxed out and you still want to invest. Any financial advisor would tell you the same thing.

Level term life insurance provides life insurance for a specific number of years, from 1-40 years.

Level term life insurance provides coverage and premiums that remain level (the same) for the entire term of the policy.

Answer:

Term life insurance protects your family or business for a limited amount of time that you select (1-40 or to age 65).

There is a Term with Return of Premium, which will return all premiums paid at the end of term if the insured outlives the term insurance policy.

For those who are looking for the cheapest permanent life insurance policy, the Guaranteed Universal Life is the best option. Slightly more expensive than term insurance, it will stay in force to age 105, 110, or to 121. Premiums are always fixed guaranteed not to change and it also guarantees to keep the policy in force to the max age selected (until age 105 is generally sufficient, unless you have a history of longevity beyond that in your family).

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Q: What is level term life insurance?
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Related questions

What type of life insurance is used as mortgage insurance?

Usually a level term life insurance policy would be used for mortgage loan life insurance protection. Level term offers coverage for a duration of 10, 15, 20 or 30 years with a level premium and level amount of coverage provided by the policy for the entire duration of coverage. Another option is decreasing term life insurance where the premiums remain level but the amount of life insurance coverage decreases each year throughout the life of the term insurance policy.


What do you mean by the term life insurance?

Term life insurance is a form of temporary life insurance that provides coverage for a specific number of years. Term life insurance is available for 1-40 years, depending on your health and age. Term life insurance is usually purchased for 1, 15, 20 or 30 years. Term life insurance builds no cash value within the policy. Term life insurance is "Pure Protection". You pay only for the life insurance. If you outlive your policy term, the coverage expires. Level term life insurance is the most common form of term life insurance. Level term offers premiums and coverage amount that remain the same each year for the entire term of your policy.


What are the benefits of obtaining a level term insurance policy?

A level term insurance policy can be less expensive than other types of life insurance. However, the longer the term, the more expensive the premium will be.


Where should someone go in order to buy term life insurance?

Many insurance companies offer term life insurance. Some of these include MetLife, State Farm, and AAA. Term life insurance is often bought in level term life insurance, meaning it can last a fixed number of years.


Which life insurance company has written the most term life insurance in the last thirty years in the US?

Primerica Life Insurance has been the leader in level term, level premium because that is all they sell. Any financial advocate will tell you to buy term and invest the difference.


Where can one get information on term life insurance?

You can get some good information on Term life insurance at the online Wikipedia. They give information on the Usage, annual renewable term, level term life insurance, payout likelihood and cost difference's, and references.


What three term life insurance plans are available from Lincoln Financial Group?

Lincoln Financial Group offers three term life insurance plans. These plans are Lincoln LifeElements Level Term (2013), Lincoln LifeElements Level Term (2012) and Lincoln LifeElements Level Term.


How many tipe of life insurance is available?

Basically Perm and Term. Perm or whole life or Cash Value life can be several different types such as Single Premium Whole Life, Indexed Universal Life, Universal Life, several different variations of WL such as Interest Sensitive WL and then there are the variables. Also, the "new" term pays you all your money back in the end. Broadly there are two types of life insurance: a. Term life insurance b. Permanent life insurance Term life insurance can be further categorized into: a) Annually renewable term life insurance (ART) b) Guaranteed level term life insurance c) return of premium life insurance (ROP) While permanent life insurance can be further categorized into: a) Whole life insurance b) Universal Life insurance c) To age 100 level guaranteed life insurance d) Survivorship or 2nd- to- die life insurance


How many different types of life insurance are there?

There are two main categories of life insurance: whole life and term insurance. Whole life insurance is an insurance policy combined with an investment account and has several variations such as universal life and variable life. Term life insurance has no investment account, but provides a set sum of money should one die within the specified term of coverage. Variations of term life insurance include annuable-renewable and level-term policies.


What does the term life mean?

Term life is a temporary life insurance policy. It is called term life insurance because it is purchased only for a temporary period of term, anywhere between 5 to 30 years. During the term period, a term life policy guarantees a certain amount of death benefits to the beneficiary, tax free, in the event of the policy holder's death. The most popular term life policy is level term life insurance where the premiums remain level throughout your term period.


Term life insurance is?

Term life insurance is a temporary life insurance which you can take out for a temporary period of say 5, 10, 15, 20 or 25 years. It is popular because the premiums are low and life insurance coverage is high. But it carries no cash value or surrender value. You must renew the insurance annually, otherwise it will lapse. If you have level term insurance, the premiums remain the same during the entire term period. There are various options for term life policies such as level term, Return on Premiums (ROP) etc. Term life insurance rates can vary from company to company. You can save quite a bit just by shopping around.


What are the types of term life insurance available for purchase?

There are several types of term life insurance available for purchase. Among the different types of term life policies are: 1. Level Term Life Insurance which provides guaranteed level rates and coverage for up to 30 years. 2. Decreasing Term Life Insurance provides rates that remain the same while the coverage amount decreases over the term of the policy. 3. Return Premium Term Life Insurance provides level term protection and you may receive a large portion of the premium back if you outlive the term of your life insurance policy. 4. Term Life Insurance with No Exam offers you level term protection without having to take a medical exam to qualify for coverage. == == There are three basic types of term life insurance policies available for purchase: 1. Annually renewable term life insurance. In this policy the premiums rise each year. This is not a very popular policy. 2. Level term life insurance. In this policy the premiums are guaranteed to remain steady throughout the term of the life policy. 3. Return of Premiums (ROPs). This policy may cost a bit more than the standard term life policy. All premiums paid are returned to the policy holder, without interest, at the end of the term period. I would recommend that you compare term life quotes from multiple life companies. Online quote providers represent hundreds of reputable companies and can assist you in this process. This will increase your chances for getting the best term life policy at the most affordable price.