Life Insurance Types | Buying Life Insurance | Understanding Life Insurance | Glossary
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What kind of life insurance do you need?

Increasing Term Life Insurance

With all term life insurance policies, you can purchase a large amount of protection even on a small budget. If you shopping for an insurance policy but are especially cost-sensitive, then you might consider a sub-specialty of general term life-increasing term insurance. This form of term life allows you to begin your coverage with the lowest premiums possible. The rates gradually escalate, usually on a yearly basis, as the term of your policy wears on. Each year, however, you will have the option to renew at the higher premium or discontinue coverage. Increasing term life insurance is generous to the ones you leave behind and easy on your pocketbook. Read on to find out why.

Standard Term Features

Although distinct differences exist between the two forms of coverage, increasing term life insurance shares much in common with standard term protection. For one, increasing term insurance provides temporary, inexpensive coverage just like a traditional policy. Additionally, neither policy accrues cash value over time. What's unique to increasing term life are the annual renewal option with no medical exam required and the gradually larger premiums over time. Between the two types of policies, initial premiums will likely be slightly cheaper under an increasing term life structure than a traditional one.

Affordability and Flexibility

You would do yourself a disservice if you want an affordable, flexible term life policy and do not request free quotes on increasing term insurance protection. In most cases, increasing term life insurance is the absolute cheapest protection available. Moreover, you will have the choice whether to renew your policy typically every year. In other words, you are not locked into a long-term contract that demands 20 years' worth of premiums whether your circumstances change or not. You have the flexibility to cancel your coverage at any time or renew for slightly higher premiums annually.

Ideal for Uncertain Future Needs

When you are unsure of how much life insurance you will need in the future or how long you will need protection, increasing term insurance is the wisest, most economical choice. You will have the chance to reevaluate your coverage needs every year and cancel, if necessary, or renew without having to adduce further proof of your health or insurability. You may not know whether you will need the same policy ten or 20 years down the road, which is why requesting free quotes on increasing term life insurance makes practical and financial sense. View complimentary quotes now by entering your ZIP code at the top of the page.