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Why Level Term Life Insurance is Often Less Expensive Than Other Types of Insurance

Level term life insurance gives you a fixed premium rate for a specific number of years. Usually, the term for level life insurance is 10 or 20 years, and the death benefit does not change over time. Its advantage is that you can lock in on a rate for the entire term of the policy.

One of the reasons why level term life insurance tends to be less expensive than other types is why all term insurance costs less: the insurance company only has to pay the death benefits if you pass away during the term of the policy. For as little as a few dollars a week, you won't have to worry about your premiums rising during that term, and you'll have the peace of mind knowing that your family is protected.

Since term insurance policies are taken over a fixed period of time, you can enjoy easy budgeting for the duration of your policy. You won't have to worry about your payments rising with level term life insurance, and your death benefit will remain fixed throughout the term of the policy. So you will know exactly what your payments will be for how long you will make them. You'll also know exactly what the lump sum payout will be for your beneficiaries, should you pass away during the insurance term.

Although level term life insurance is initially less expensive than permanent, or whole, life insurance, level life insurance has a downside. As you get older, your premiums will increase when you renew your policy. So though the premiums will be fixed during the term of the policy, when you go to renew it, they will go up, and you can again lock in on the new rate for the next term.

Level term life insurance is great for those on a budget. If you need more coverage or you want investment options, a whole life insurance policy could be in your best interest. Spectrum Direct offers many different types of life insurance policies to meet the needs of our customers. Contact us today for advice, or get a free rate quote for life insurance.

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