A Ten
Year level Term Life Insurance is life insurance that will not go up in price
for period of 10 years.
It may have the option to be extended beyond that time, but the
premium will be much higher when the 10 year term is complete - this is called renewable term life insurance which allows you to renew your term life policy for an additional 10 year term when the first policy expires.
It does not have
any cash value. Some 10 year level Term policies can be converted to a permanent life insurance policy
with out evidence of insurability (no health questions asked) for some or all
of the 10 year period. However, there is usually a date stated in your policy by which time you must choose to convert your term life plan into a permanent life insurance policy.
If you outlive your 10 year term life coverage your life insurance expires. If you pass away during the 10 year term, your beneficiary would receive the death benefit from your life insurance, subject to any exclusions in your policy.
Learn more about 10 year term life insurance coverage and how it works.
