10 Year Renewable Term
This is one of the most common types of life insurance that people hold. Typically, the company quotes a rate for 10 years of coverage and then guarantees renewal without medical evidence for increased rates every ten years thereafter. Usually these plans offer conversion to permanent plans without evidence of insurability to accommodate the insured's changing needs. This product is often used to provide relatively large amounts of coverage at reasonable rates (particularly during those first ten years). When the need for insurance is anticipated to be longer than 10 years, a 20 Year Renewable Term product might also make sense to look at.
20 Year Renewable Term
This product is very similar in all aspects to the ten year term, however it renews every 20 years. Often people will use this product to insure their mortgage or other longer term liabilities. The level premium for the first twenty years can be a cost effective coverage option in a variety of situations.
Note: 10 and 20 Year Term plans typically may be converted to permanent plans between age 65 and 75 (depending on the company). Also, most term plans (with the exception of Term to 100) terminate between age 70 and 85.
*If you have any questions about either of these products, do not hesitate to email us or give us a call at 1-877-433-8320.
This is one of the most common types of life insurance that people hold. Typically, the company quotes a rate for 10 years of coverage and then guarantees renewal without medical evidence for increased rates every ten years thereafter. Usually these plans offer conversion to permanent plans without evidence of insurability to accommodate the insured's changing needs. This product is often used to provide relatively large amounts of coverage at reasonable rates (particularly during those first ten years). When the need for insurance is anticipated to be longer than 10 years, a 20 Year Renewable Term product might also make sense to look at.
20 Year Renewable Term
This product is very similar in all aspects to the ten year term, however it renews every 20 years. Often people will use this product to insure their mortgage or other longer term liabilities. The level premium for the first twenty years can be a cost effective coverage option in a variety of situations.
Note: 10 and 20 Year Term plans typically may be converted to permanent plans between age 65 and 75 (depending on the company). Also, most term plans (with the exception of Term to 100) terminate between age 70 and 85.
*If you have any questions about either of these products, do not hesitate to email us or give us a call at 1-877-433-8320.