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Insurance Quotes: Different Terms For Different Needs

Annual renewable term insurance

With this type of term insurance, your policy is automatically renewable each year up to a specific age limit, often 65, but sometimes older. Since the chances of your dying increase statistically the older you get, your premiums go up each year as you renew.

Level premium term insurance

Level premium term guarantees your premium will stay the same each year for the term of your policy, generally 5 to 20 years. Insurance companies keep your premiums the same by charging you an average of the premiums they would ordinarily charge you with an annual renewable policy.

Decreasing term insurance

With decreasing term, your cash benefits decrease each year while your premiums remain level for the duration of the term. Decreasing term is typically used to cover an item whose costs decrease over time, such as your home's mortgage.