Most people choose term life insurance because it is an affordable option that is very straightforward. The coverage will last for a specific amount of time, and the term length can be 10, 15, 20, or even 30 years, based on your policy. Premiums will have to be paid every month, and there are no complicated details that are a part of this option.

Insurance companies do look at age when calculating the cost of a policy, so if you’re wondering what happens to your premium as you age, you’re not alone, as this is a natural thought to have. The reality is that this will depend on the type of term life insurance coverage you buy because some policies will stay the same while others will require you to pay higher premiums as you age. If you choose a term life insurance policy with guaranteed level premiums, you will not have to worry about increased rates because you will pay the exact same rate every month for the duration of the term that was selected. This would be the case regardless of how long your coverage lasts, so if you select a 30 year policy, you will pay the same premium rate until the end of that term.

While this information is simple, it’s important to understand that term life insurance may not be suitable for everyone, so you need to review the policy to determine whether or not this option will meet your needs. When you purchase this type of coverage, your rate is locked in, and as long as you continue to pay your premium every month, you will pay the same rate for the duration of your term length. When your term ends, you can choose to end your life insurance coverage, or you can renew it, most likely at a higher rate.

The rate of your term will depend on a number of factors, including your age and your health. You will have to answer questions about your health history during the application process and will have to include any pre-existing conditions like a critical illness. You may also have to answer questions about your family’s health history and lifestyle behaviours like smoking, as these answers will help insurers evaluate your situation. Some applicants will have to complete a short medical exam, and all of this information will be used to determine your monthly premium. Your age will play a role when determining the cost of your insurance, and this aspect can cause your premium rates to increase every year, although this will be based on the type of coverage you have.

The experts at dropdead can provide you with more details, and we can help you select the coverage that best suits your needs. If you want more information and are looking for term life insurance quotes, contact us today!