The
rate you pay per $1,000 of life insurance coverage is guaranteed to remain
level throughout your life for a permanent life insurance policy, unless
otherwise stated in the policy contract.
With
term life insurance your rate may increase every five years, or it may increase
annually, depending on the type of term life plan.
However,
some term life policies provide guaranteed level rates for a term of 10, 15, 20
or 30 years, which is most common.
So,
if you bought a 10 year level term policy you would pay the same premium each
of 10 years. If you wanted to renew the policy (continue coverage) at the end
of the ten year term, you would pay a higher rate at renewal based on your age
at that time.
Here's how you can compare level term life insurance rates online now.
