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Types of Term Life Insurance Coverage

Term life is a particular type of life insurance which covers the insured person for a specified period of time and then could potentially expire. Term life insurance is less expensive than whole life coverage, and is available in several different types to fit your individual needs.

Level Term

The coverage and payments remain the same throughout the course of the policy. This is the least expensive form of term life insurance. Level term insurance may be coupled with convertible or renewable term coverage as well, so that you pay the same premiums throughout the term of the policy but still have the option of renewing it or converting when it expires.

Renewable Term

This type of term life insurance can be renewed at the end of the term without submitting to a health exam or other health-related scrutiny. Renewed policies are written when the old one expires, and may be for the same term or a different length of time.

Increasing or Decreasing Term

The amount of coverage can rise or fall, depending on the purpose of the policy. Premiums typically remain level, but there are some types of decreasing term policies that have lower premiums as the term progresses. One use for a decreasing value term life insurance is to pay off a mortgage. Over time, the amount of the mortgage will go down, so the policy can decrease proportionately, saving you money on premiums.

Convertible Term

This type of policy has the option of converting to a whole life insurance policy. You will have to have a health exam and the premiums may increase after the conversion. Depending on the company you are dealing with, you may be able to select what type of permanent life insurance policy to purchase, and you may not receive any accrued value associated with the original term life policy.