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Term Life Insurance FAQ
COVERAGE NEEDS
Q. Will term life insurance premium rates increase as I age?
A. Once you have term life insurance coverage, your insurance premium rates will not increase for the duration of the term. The premium — and benefit amount — remains the same. Only at the end of the term period you have chosen - 10, 20, 30 years - will your life insurance rate increase.
If you are not already covered, life insurance rates increase as you age. The reason is simple — as you grow older, the likelihood for mortality increases, e.g., a 23-year-old is considered less likely to die than a 65-year-old. That’s why older individuals pay more for life insurance.
Because term life insurance premium rates are locked in for the entire time that the policy is in effect, young people can often get a significant amount of coverage for 20 or 30 years at an affordable rate. The low rate stays the same for the duration of the term, even if their health declines.
© 2009 Matrix Direct, Inc. Agency services provided by Ronald J. (John) Harris in IA, TN and VT; Matrix Direct Insurance Services in CA (#0B57619), ME, MA, and OK; Matrix Direct Insurance Agency, Inc. in UT; and Matrix Direct, Inc. in AR (#246412) and all other states, except SD.
Matrix Direct, Inc. is a subsidiary of American General Life Insurance Company (AGL) and an affiliate of The United States Life Insurance Company in the City of New York (USL).
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