What Are The Common Policy Variations Of Term Life Insurance?
Free Insurance Quote Comparison
Secured with SHA-256 Encryption
UPDATED: Sep 15, 2020
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
Term policies can be
1. level, (the amount of coverage is fixed during the period of coverage) or declining, (the coverage drops according to a specified schedule).
2. renewable, (the policyholder can continue the coverage at the end of the term by paying further – higher – premiums) or non-renewable, (the policyholder cannot continue the coverage at the end of the term).
3. convertible, (to whole life or other cash value insurance) or non-covertible, (no convertibility to whole life or other cash value insurance is available).
Term policies with options to continue or convert coverage would generally cost more than those that do not have such options.