What Is Level Term Insurance?

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Level term insurance is an industry term used to describe a very particular type of policy. Learn about level term insurance with help from a professional financial planner in this free video clip.

Part of the Video Series: Life Insurance & More
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Video Transcript

Hello, my name's Michael Hardy, and I'm with Mollot & Hardy out of New York. Today, we're going to talk about level term insurance. Level term insurance is a type of life insurance that you can purchase for your self. There are many types of life insurance that's available. There's whole life insurance, universal life insurance, term insurance, and variable insurance. Level term insurance is, simply,a specific contract for a specific period of time. For example, you can buy a 10 year level term insurance contract, or 20 year term insurance contract, or even a 30 year level term insurance contract. All's that mean is that your rates stay the same for that period of time. So, for example, 40 year old can purchase a $50,000 life insurance contract for 10 years, in which case that his premium is going to be the same, the exact same, every year for 10 years, after which, he loses that coverage. That's what it means to have a level term life insurance contract. I'm Michael Hardy with Mollot & Hardy. Thank you.

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