What Is Term Length In Life Insurance?
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63333 POINTSview profilePeggy MaceMost of the U.S.Term length in life insurance means the number of years that the policy will stay in effect at the same premium. E.g. A 10 year Term policy will stay at the same price for 10 years; a 30 year Term policy is assumed to stay at the same price for 30 years. However, some policies will guarantee that the premium stays the same for part of the term and does not guarantee that it will stay the same for the remainder of the term. It is important to make sure that your premium is guaranteed not to go up for the entire term, whether that be 10, 20, 30 years or some other term length.Answered on May 5, 2013flag this answer- 1165 POINTSview profileChris AbramsFounder, Abrams Insurance Solutions, Inc., San Diego, CATerm length is the number of years that the policy will stay in-force at the same premium. Typical term lengths are 10, 15, 20, 25, or 30 years. Some companies will allow a different or even a longer term length. Some policies allow you to continue coverage past the end of the term, but the premiums increase to a much higher amount.Answered on May 6, 2013flag this answer
10968 POINTSview profileTim WilhoitOwner, Your Friend 4 Life, Brentwood TNThe term length question is in regards to term life insurance. The term is a contract between the policy owner and the insurance company. The life insurance company will contractually promise to guarantee a level rate for a number of years as long as the owner agrees to pay their premiums. This rate is fixed regardless of change in health, occupation or residence. Terms can go from year to year to 35 years.Answered on July 31, 2014flag this answer
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