Level Term Life Insurance

Benefits of level term life insurance

The most noteworthy benefits of level term life insurance include:

Lower premiums

Compared to other types of policies, level term life insurance usually comes with lower premiums. If you’re young and healthy, you can lock in up to 30 years of coverage with rates to likely fit your budget.²

Simplicity

Level term life insurance can be easier to understand and maintain. Once approved, you will pay your premiums and receive your coverage.

Premiums and death benefits don’t change

If you choose level term life insurance, you can budget for your premiums because they’ll stay the same throughout your term. Plus, you’ll know exactly how much of a death benefit your beneficiaries will receive if you pass away, as this amount won’t change either.

Level term life insurance cost

The rates for level term life insurance will depend on several factors, like your age, health status, and the insurance company you choose. In most cases, however, you can find coverage that fits most budgets. For example, on average, a 35-year old man or woman in good health may secure a 20-year policy with a $250,000 death benefit for less than $20 per month.³

Level term life insurance vs. decreasing term life insurance

Unlike level term life insurance, decreasing term life insurance features premiums and a death benefit that decrease throughout the term.⁴ A decreasing term life policy is designed to help cover policyholders that may have less of a need for coverage as time goes on. For instance, those with large debts that they’re paying off gradually, such as a mortgage, may consider getting a decreasing term life policy.

How to get level term life insurance

If you’re interested in getting level term life insurance, follow these steps:

1. Choose a life insurance company and policy

Not all level term policies are created equal. Shop around and compare your options to find the right one to meet your budget and needs.

2. Choose a coverage amount and term length

Next, figure out the coverage amount and term length you need. Keep in mind that factors like your health and age will affect the cost of your premiums.

3. Fill out an application

Once you’ve chosen an insurance company and policy type, complete your application form. Be prepared to provide any necessary details about your health and lifestyle.

4. Schedule a medical exam

If your policy requires a medical exam, you’ll need to arrange a time to take one. Fortunately, the process of taking the exam may be relatively quick.

5. Wait for approval

Once you go through the application and medical exam, the life insurance company will review your application. They should inform you of whether you’ve been approved shortly after you apply.

6. Receive coverage

Upon approval, you can pay your first premium and sign any relevant paperwork to ensure you’re covered. From there, you’ll pay your premiums on a monthly or annual basis.

How to customize your level term life insurance policy

To customize a level term life policy, you might want to explore these options offered by some insurers:

• Term conversion rider: This rider offers you the chance to convert your term life policy into a permanent life policy, such as whole life insurance.
• Accelerated death benefit rider: With an accelerated death benefit rider, you can receive some of your death benefit early if you’re diagnosed with a condition or illness that places a limit on your life.
• Waiver of premium rider: A waiver of premium rider is designed to waive your premiums if you become injured or impaired and can’t work.
• Child rider: With a child rider, you can add coverage that can help pay for expenses if your child passes away.

Aflac offers term life insurance

Aflac’s term life insurance is convenient. You can choose a 10, 20, or 30 year term and enjoy the added peace of mind you deserve. Working with an agent can help you find a policy that works best for your needs. Learn more and get a quote today!