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July 24, 2007 / Author: Tim Bain

Guaranteed Term Life Insurance Rates

QuickQuote Term Life Insurance Blog

Q: What are guaranteed premium rates in a term life insurance policy?

A: With regard to premium rates, there are two types of term life insurance policies; guaranteed and non-guaranteed. Pretty creative, eh? The most common are guaranteed, and this is the type you want to look for. In fact, you won’t find as many life insurance companies offering non-guaranteed term life policies these days.

The guarantee means the premium rates will remain level for the entire term period (e.g. ten years, 20 years, etc.). With non-guaranteed policies, the premium rates may increase after a specified number of years, usually the first ten. For example, if you had a non-guaranteed, 20-year term life policy, the premium rates may only remain level for the first ten years. After that, the premium rates could increase each year for the remaining ten years of the term.

An important point to make is term life insurance policies do not technically terminate at the end of the term period. They can be renewed annually and kept in force beyond the initial term period, up to a specified age (usually 90-95). As such, they are considered ‘adjustable premium’ policies. All this means is the premiums can (and will) increase after the premium rate guarantee period expires. But don’t panic. As long as your term life insurance policy is guaranteed, your premiums will remain level for the entire term period.

 

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Tim Bain

Tim is a licensed life insurance agent with 22 years of experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites. You can find him on Twitter.

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Applications for life insurance on QuickQuote.com are made through QuickQuote Financial, Inc. or through its designated agent, Timothy S. Bain, only where licensed and appointed. License numbers are available here and are automatically provided where required by law. QuickQuote's National Producer Number is 1927227. Timothy S. Bain is a licensed life insurance agent in 49 states, including the District of Columbia, and his resident state of Nevada. Timothy S. Bain's Nevada license number is 45949; in California, 0D23811; in Louisiana, 274924; in Massachusetts, 1762164; in Minnesota, 20267005; in Texas, 1092088; and in Utah, 134031.
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