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| life insurance |
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| whole life insurance |
Level term
life insurance is simple to understand. As the term suggests, the premiums are fixed at a constant rate and do not change throughout the course of the policy. Most people will take out this kind of policy when they want to secure themselves for a particular time period. Such a level term
life insurance policy will be short term.
This policy is unlike whole life insurance. With whole life insurance, the cost increases with time – thanks to its investment aspect. With level term
life insurance, the premium and hence the cost of policy remain the same throughout so you know exactly what you’re getting when you buy such a policy.
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| term life |
There are certain things to consider before you decide to take out a level term life insurance policy. Firstly, you need to decide how much coverage you need. This is linked to how much you make on a yearly basis. The rate of premiums will also be a deciding factor; you need to establish how much of this payment you can afford to make.
Despite the fact that your premiums will remain constant without rising, you will still have to make the payment every month. The next deciding factor is the amount of time you need the coverage for. Level term insurance can be taken out for 10, 20, 30 and 40 years. The longer the period of your coverage, the higher your premium will be.
If you are looking to take out a
life insurance policy, then level term life insurance will prove to be a cheaper option when compared to whole life insurance. This is because you get a clear picture of how much you will pay every month without the fear of your premium increasing with time as is the case with whole life.
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