What are the different types of term life insurance policies?
August 23, 2008 7:23 am BusinessBasically there are about three major different types of term life insurance policies. The most commonly sold and bought is straight level term life. You choose a term period ten, twenty or thirty years and your premiums stay level thoughout that term period. Second is a newer type of policy that is becoming very popular and that is return of premium where you pay premiums for your level term period and at the end of that period you can actually get back 100% or your premium. Last major type is annual renewable term or ART or YRT in industry term. This type of policy is payable from year to year and is mostly used for short term loans or business coverage reasons. They all serve a purpose and its easy to get free quotes from an agent or broker.