Term Life Insurance
Term Life Policies provide coverage for a specified-period and a predetermined premium. Term life insurance generally provides the largest death benefit protection amount (face value) for your premium dollar; however, this type of policy does not build up cash value. Term policies come with a variety of payment and coverage options. A YRT (yearly renewable term), also known as ART (annual renewal term) policy covers the policy owner for a specific amount with premiums starting out low and increasing on an annual basis. Level premium term comes in many varieties usually issued in five-year increments; five, ten, fifteen, twenty-year level premium term. The premium stays level for the specified amount of years. There are also increasing term and decreasing term policies referring to the death benefit increasing year over year or decreasing year over year.
Informational purposes only.