Are you looking for a cheap term life insurance rate? Most life insurance companies try as hard as possible to keep their term life insurance premiums very low.
They put their actuaries to work continually on reducing costs for the policy owners. Some companies, however, tend more often than not to come up with much lower premiums than the rest.
These are some of the finest companies in the life insurance industry and they have no choice but to maintain a cheap term life rate.
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Cheap Term Life Insurance Rate Explored
We will look at decreasing term life insurance, yearly renewable term life insurance and all the level term life insurance policies from the 5 year level term policy to the 20 year term life plan.
- The Decreasing Term Life Insurance Policy
The decreasing term life insurance policy has one of the cheapest term life insurance rates you can get. The premiums for this policy remain level throughout, but the face amount decreases in a uniformed manner each year. People purchase this policy usually to pay off the balance of a mortgage in the event of their premature death.
- The Yearly Renewable Term Policy
This policy has a very cheap term life insurance rate. The yearly renewable term life insurance policy, or the increasing premium term life policy as it is sometimes called, has a level death benefit from the start of the policy which never decreases for as long as you keep your policy. The premium is another story.
The premium for this policy is the cheapest there is for the initial few years. You begin with a cheap term life insurance rate but the rate changes. Every year the premiums increase and this policy can turn out to be the most expensive for you if kept long enough. It is recommended that you convert to a different type of policy at the earliest convenience.
- The 5 Year Level Term Policy
The 5 year term life insurance maintains a level face amount throughout the duration of the policy and also has a cheap term life insurance rate for the entire 5 years. This is very inexpensive life insurance and is good for you if you have a short term need for life insurance. It could be used to cover a short term loan or possibly guaranteeing payment of college costs for a child or grand child.
- The 10 Year Level Term Life Insurance Policy
A cheap term life insurance rate does not seem very difficult to find if you like the 10 year term policy. The difference in premiums between companies can be quite a bit though. The 10 year term life insurance policy is no exception. The premiums are slightly more than those of the 5 year term policy…they remain level throughout. The face amount of this policy also remains level for the duration, similar to the yearly renewable term and the 5 year term.
They never increase. This policy is also for those people who have a fairly short term need for life insurance. This is a very popular policy with a cheap term life insurance rate. Perhaps the reason for its popularity is because people tend to find it pretty easy to plan for a 10 year period. 10 years doesn’t seem like a very long period of time.
- The 20 Year Term Life Insurance Policy
The 20 year term policy joins the others in the availing you of a cheap term life insurance rate. The is probably the most sought after term plan ever. The face amount of this life insurance policy remains level for the entire 20 years and in some cases so does the premium. Some companies increase the premium after 10 years and sometimes again after 15 years. This is a good policy and the choice of most people as it has a cheap term life insurance rate. It also has a conversion clause…or conversion privilege, which allows you to change to any permanent policy in the future.
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