Term Life Insurance

Sample rates on a $250,000 term life policy. Rates subject to change and underwriting.

Gender	Age	10-yr Term	15-yr Term	20-yr Term
Male	20-30	$12/mo	$14/mo	$17/mo
	40	$15/mo	$18/mo	$22/mo
	50	$34/mo	$44/mo	$54/mo
	60	$82/mo	$103/mo	$133/mo
Female	20-30	$11/mo	$13/mo	$14/mo
	40	$13/mo	$17/mo	$20/mo
	50	$27/mo	$31/mo	$40/mo
	60	$54/mo	$68/mo	$93/mo

 

Term life insurance provides coverage for a preset amount of time - usually five, ten, or twenty years. If the you die during that term, the policy is paid out in full. Otherwise, the policy ends and you usually have the option to renew the policy - until you reach a certain age, as determined by the company. Since premiums are based on the age and health of the individual policy holder, they tend to increase with your age each time the policy is renewed. Once you are beyond he renewability age, the insurer may offer the option to convert the plan to a Permanent Insurance Plan.

Level term insurance

Level term insurance is a type of life insurance that provides level coverage over a specified amount of time. The value of the policy remains the same over the term of the policy. The most common lengths of time that a Level Term Policy lastsare10, 15, or 20 years. Level term insurance provides temporary protection and does not build cash value.

Many level term insurance policies are sold with guaranteed premiums that never increase during the coverage period. However, some policies don't provide premium-rate guarantees and the insurance company can raise the premium during the specified term of coverage. Premium increases are intended to account for the rising probability of the insured's death in any given year.

Usually, level term insurance premiums are less than those of permanent insurance policies. The premiums are directly related to the length of the term. Higher premiums are generally charged with longer terms. Despite that fact, it is usually more cost effective to get a longer term instead of an annully renewing policy.

Decreasing Term Insurance

When a decreasing Term insurance Policy is started the death benefit is the full amount of the policy. As years pass, the death benefit will decline. Insurance of this type may be purchased when the insured has a large financial obligation to fund, such as child-rearing expenses, and needs a great deal of coverage in the early years to protect against adverse financial implications of his/her death. The most common use for decreasing term life insurance is to cover a mortgage or other type of loan.

Please Contact Stellar Insurance Services to get quotes or more information.