Increasing and Decreasing Term Life Insurance

 

Increasing Term Life Insurance

Increasing term life insurance policies are renewable each year. The premiums generally begin very low, and as you renew your policy each year, they increase. The reason your premiums increase is because as you grow older, you become riskier for insurance companies to cover. As this risk increases, the price of coverage increases. Unlike decreasing term life insurance, your coverage remains the same, while premiums go up.

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Decreasing Term Life Insurance

Decreasing term life insurance is a policy in which the coverage decreases slowly, while premiums remain the same. As you get older, you become riskier for life insurance companies to cover. Instead of increasing the cost of your term insurance coverage, the way companies would with an Increasing term life Insurance policy, the coverage decreases. This may be beneficial if you feel that as your children grow older, they become less financially dependent on you.

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Term Life Insure provides information at no cost concerning insurance products and services but is not an insurer or an agency. Please speak to your insurance agent for more information. Not all products are available in all states.