What Is A 10 Year Level Term Life Insurance?
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63333 POINTSview profilePeggy MaceMost of the U.S.Ten Year level Term Life Insurance is life insurance that will not go up in price for 10 years. It may have the option to be extended beyond that time, but the premium will be much higher when the 10 year term is complete. It does not have any cash value. Some 10 year level Term can be converted to a permanent policy with out evidence of insurability (no health questions asked) for some or all of the 10 years.Answered on April 29, 2013flag this answer- 63333 POINTSview profilePeggy MaceMost of the U.S.10 year level Term Life Insurance refers to a term life insurance policy that will not go up in price for 10 years. It also should have the same face amount for 10 years. Without a rider stating otherwise, after 10 years, either the policy will lapse, or the premium will jump up to a very high amount and will no longer be guaranteed to remain level.Answered on August 22, 2013flag this answer
4470 POINTSview profileBrandon RobertsOwner, The Insurance Pro Blog,Level on a term life insurance policy refers to the premium. 10 year term means the premium remains level for 10 years. After the 10th year, the premium will begin to increase. There is generally a considerable jump in year 11 followed by a much less dramatic increase in following years unless the insured is very advanced in age.Answered on August 22, 2013flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaThe annual premium for 10 year level term is one of the lowest premiums you can pay for life insurance. However, the coverage ends in ten years. There may be benefits written into the policy that will allow you to extend the term of coverage. However, that extension will be expensive. If you need a lot of coverage for ten years or less, and you will not need the coverage after ten years, then the 10 year term policy is your “best buy.”Answered on March 5, 2014flag this answer
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