Unless you work in the life insurance industry, understanding all the jargon when you are searching for and comparing life insurance quotes can be overwhelming. In this post, we’ll break down some of the common terms you’ll come across when shopping online for life insurance.
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Terminology Break Down So You Feel Confident When Getting Life Insurance Quotes OnlineTerm Life Insurance
Term life insurance provides life insurance protection for a limited period of time.
This limited period of time is called the term length. The life insurance company will pay claims at any point during this term. At the end of this term length, the insurance company’s obligation is complete unless the policyowner can renew or convert the policy.
Level Term Life Insurance
Most term life insurance policies have level premiums. This means that the premium cost you lock in when you first purchase the policy will remain the same for the entire term.
Decreasing Term Life Insurance
Decreasing term life insurance is a type of non-level life insurance. With