When you purchase a 15 year term life insurance policy you enjoy
level insurance coverage for the entire 15 year period...with most of
the more progressive life insurance companies.
There are other life insurance companies that allow you to start off your policy with a premium that is a little lower than usual but it increases after 5 years and may increase again at the 10 year point.
If you were to average out the premiums over the 15 year period you would more often than not find that it would work out to be a little more than the premium for the policy with the level premium.
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Here is why!
With the 15 year term life insurance policy as with any
life insurance policy
the actuaries anticipate how long an insured person will live if the
policy is bought at a given age.
They determine this by taking into consideration many variables too complex to discuss here. The premium for the 15 year term life insurance policy is an average of what the insurance cost is for a given amount of insurance over a 15 year period.
If you give it some thought you will realize that you pay more than is necessary in the initial years. Because they are collecting more than is necessary they have a little extra to invest. Since these investments usually turn some sort of profit they can set the premiums at a lower rate.
In the situation where a lower premium is charged for the first 5 years with an increase every 5 years there is much less to invest so they have to make up the cost in the later years.
Why would someone buy 15 year term life insurance?
Can you think of anything more important than your Family's Security? What would happen to Your Family if you died? Would they be provided for? Compare Quality Life Insurance Quotes from Quality Carriers and Save. Click Here To Buy Policy
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I recently did some research on the development of the 30 year term insurance policy over the years. What I learned was quite interesting.
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