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Level Term Life Insurance

What is level term life insurance?

As the name implies, the amount of death benefit protection you buy stays the same (level) for the entire term of the policy - usually 10, 20, or 30 years. For example, if in July 2011 you purchase a 10 year level term life insurance policy with a death benefit of $500,000, and if you die any time before July 2021, your beneficiary or beneficiaries will be paid the entire amount of the policy - in this case, half a million dollars.

This type of policy is unlike decreasing term insurance, in which the death benefit decreases over the policy term period. This type of policy is often used as mortgage life insurance, and we do not recommend it. It is best to get a regular level term life insurance if you want mortgage life insurance protection.

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Why obtain level term insurance?

This type of life insurance is the most affordable type you can buy, and most often is the best for most people.

Here are some examples of the costs of term life insurance:

A 40 year old male in good health, non-smoker, can get a $300,000, 30 year term policy for as little as $35 per month. If he happens to be a smoker, he will pay an extra $90 per month.

A 30 year old woman smoker can get a 20 year term, $200,000 policy for about $25 to $30 per month. A 30 year term for $35 to $45 per month.

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