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How life insurance rates work
August 15th, 2010 by admin
As with all types of life insurance policy, rates for a term life policy may or may not increase over time. For instance, level term life insurance rates remain level, the same, for the entire term of your life insurance policy. Whereas, annual renewable term life insurance may increase rates each year as your yearly renewable plan renews. However, level term life insurance rates will increase at the renewal of your plan if you outlive the term of your term life insurance policy. The new rates will be based on your age at that time, if the level term policy is renewable. If you just take out a new policy after the old one has expired you are subject to the rates at the time applicable to everything you were initially assessed for, for example age and health.