What kind of term life insurance should I get?
We get asked: What kind of term life insurance should I get? The great majority of term life insurance being bought and sold today is level premium, level benefit term life insurance that lasts from 10 to 30 years.
Years ago, the most common type of term life was annual renewable term life insurance. That’s the kind that goes up every year in price. Consumers didn’t like seeing the price go up every year so it lost market appeal and policies that stayed level in premium for five years and 10 years startd to become popular.
The next evolution was to extend the the level premium term life insurance for 15, 20 and then 30 years. What’s the best kind? — The lowest premium, from the best company (based on financial strength) that lasts the longest. Some policies only guarantee the premium for the first years of the policy and then it can go up. Try to get a policy that guarantees the premium (premium can’t be raised) during the term period.
Also, you want the policy to be convertible to whole life insurance or universal life insurance so that you have the right to change the term insurance, without any medical questions, to something that will last your whole life.
You can search a very large selection of term life insurance companies and policies for up to 30 years, with guaranteed level rates and with rights to convert without medical questions to whole life or unviersal life on the lifeinsure.com site.
