Short Term Life Insurance

Coverage For The Short Term

Do you need short term life insurance? Sometimes people need life insurance coverage for unusually short periods of time.

Life insurance carriers are aware of this and have created policies that would fit these needs.

I refer especially to the yearly renewable term policy, the 5 year term life policy and the 10 year term life policy.

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Short Term Life Insurance

• Annual Renewable Term Insurance
  
  The yearly renewable term policy, or annual renewable term policy, can be considered a short term insurance policy. This policy is really a one year term policy that makes available the option to renew the policy each year at the anniversary at a higher premium rate.
  
  No evidence of insure-ability is required as you already own the policy. You can renew the policy every year for a specific number of years.
  
  This policy is initially one of the cheapest life insurance policies available but can eventually tun out to be one of the most costly if you keep it long enough. This is probably life insurance in it's purest form. The premiums increase as you get older.
  
  You are therefore paying a premium for life insurance that a person your age should pay. Your death benefit remains level for as long as you own this policy.
• 5 Year Level Term Insurance
  
  Another short term life policy is the 5 year term policy. Both premiums and face amount remain level for the entire 5 year period.
• 10 Year Level Term Insurance
  
  This policy may also be considered a short term policy when compared to the 20 year, 25 year or 30 year term policies. 10 year term life insurance also has a level death benefit and level premiums throughout it's life.

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