Some feature guaranteed level premiums while others have premiums that increase once or more in the future. Many offer the opportunity, within limits, for you to tailor the premium amount and frequency based on your own needs and preferences. Premiums are often significantly lower than for permanent insurance, but may increase as you get older. Most term policies allow you to renew every year without undergoing any additional insurability tests. Term insurance is ideal for covering a specific limited-term need, for example, an outstanding mortgage or business loan.
Some companies offer term insurance that decreases as the mortgage principal declines over time.
For more information on both permanent and term life insurance, find a representative or contact us .