Term Life Insurance

Level-premium term insurance charges a fixed premium each year over a specified period of time, the term. Term periods are often 5, 10, 20, 25, or 30 years. This policy is a more attractive option than the increasing term premium on annual renewable term policies.

Yearly Renewable term insurance, also known as Annual Renewable Term (ART), is one of the most common types of term insurance. It permits the policyholder to  renew the purchase for the same amount of term insurance in subsequent years without proof of insurability.

Increasing term insurance policies are not the most common and don’t make sense financially for most policyholders.  Over time the death benefit increases. This type of policy can have either fixed or varying annual premiums.

Decreasing term insurance is the opposite of an increasing term policy. It allows the owner to pay the same premium for the insurance protection each year. However, the death benefit will decrease each year to offset the increasin mortality cost due to the passing of time.  

Convertible term insurance Convertible lets you “trade in” a temporary, “term”,  policy for a permanent one. Many term life insurance policies are convertible and can be converted to permanent policies issued by the same insurance company.

Return-of-premium term life insurance is a type of policy where all or the majority of the premiums paid are refunded to the policyholder if they outlive the term of their insurance contract.

Mortgage protection insurance is a term life insurance policy that protects  the home of the insured from going into foreclosure by paying off their mortgage should they pass away.