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Are Life Insurance Premiums Guaranteed Not to Change?

2014 January 22

All the plans we offer are “guaranteed level,” which means the rates are guaranteed not to change for the time period you select, whether it is a 10, 15, 20 or 30-year period, as long as the premiums continue to be paid. The policy locks the company into keeping the rates consistent, and you only need to pay the premium for the length of time you want the coverage. If you purchase a 30-year plan but decide after 20 years you don’t need it anymore, you can simply cancel the policy and no further premiums are due. The guarantees are there to protect you against companies making changes to their plans once the policy is in force. This is one of the main benefits of choosing term life insurance. Read about other advantages of term life plans.