It depends on the type of term life insurance policy you own.
If you own a level term life insurance policy your premium will remain the same for the entire duration of your policy term.
Usually, level term plans offer level premiums for 10, 15, 20 or 30 years of protection.
However, some term life policies have modified premiums which increase incrementally every 5 years, for example.
There are annual renewable term life policies that increase the premium each year when you renew your coverage for an addition al year.
Also, term to 70 policies usually have level premiums the first 20 years of your policy, and then premiums increase each year thereafter until you reach age 70.
Learn more about Will term insurance premiums increase?
No comments:
Post a Comment