President, Lane Independent Agency, Southern California
If you actually buy Term Life Insurance, you get to pick the term, be it one year, five years, ten years, or even twenty years. But you need to pay the premium every year, or it will end. 97% of folks do not continue to pay and it ends for them. They then have to get another policy, only to find it costs more because they are older, or is not even available because of their health. A man in his 30's put off buying until last week, only to find he had developed MS and had to pay a much higher premium. He was lucky to be able to get insurance at all. Do not put off buying insurance. Something is always better than nothing. Getting Permanent Whole Life Insurance is the safest. The rates never go up and you can keep it your entire life, so long as the premiums are paid. A quality agent can help you determine what you can afford, and how to arrange a variety of possible alternative options. Gary Lane, Agent for New York Life, 949 797 2424. Thank you.
The term of life insurance is usually the number of years that a Term Life Insurance policy will stay the same price. I say "usually" because some policies will increase the price every few years, or at a certain point in the policy. Others will say the policy "usually" will stay the same price for the entire term, but it is not guaranteed to do so.
To make sure you have a Term policy that will stay the same price for the entire term, check the conditions to make sure your premium is "guaranteed level".
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To make sure you have a Term policy that will stay the same price for the entire term, check the conditions to make sure your premium is "guaranteed level".