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Versions of Life Insurance

Level Term

It furnishes policyholder with insurance coverage at a determined rate of payments for a limited-term of 5, 10, 15, 20, 25 or 30 years. The age and health of the policyholder are the overriding factors in calculating the premium.


Generally, the insurance company levels out the premium payments by charging more at the outset of the policy than mortality costs demand, as a result the premium payments are constant and assured for that limited-term period.

Yearly Renewable Term (YRT)

This policy has no limited term and therefore, it is renewed every year without proof of insurability. The premium for the YRT policy are based on the policyholder’s attained age, so it starts off low and increases each year. The premiums can become very expense for the later years, making it harder to maintain since there is no specified term for the YRT policy.

Deceasing Term

This policy involves a death benefit that goes down each year according to predesignated plan. The policyholder pays a constant, flat premium for the duration of the policy. It is important to not that Decreasing Term policy is frequently utilized in conjunction with a mortgage loan to match the coverage with the declining principal of the loan.