There were two types of life insurance you could consider if you wanted to buy life insurance...term life insurance or permanent. Term life insurance had many variations and so does permanent. Term was considered temporary insurance and still is categorized in that way by many people...especially those in the life insurance industry. In recent years, however, improvements to term policies have made them seem to be quite permanent to many an insurance buyer. The popularity of the 20 year term life policy has forced the life insurance companies not only to improve this policy but the 25 year and 30 year term policies as well... They have lowered rates considerably and in rear cases have given the owners of these policies the option of continuing them after the end of the term period. More often than not at a higher premium. These improvements tend to give term life insurance policies a kind of permanence. Although some life insurance companies have had term to age 65, term to age 80 and term to age 90 for a long time they were virtually unknown to most people perhaps because the life insurance agents never promoted them much... The seeming permanence of the 20 year term life insurance policy as well as that of the 25 year term life insurance policy and 30 year term life policy is here to stay to the great delight of the consumer as well as those who promote these policies. |
