'Type of Insurance' categories:

• Length of coverage:

Except for Single Pay (paying all premiums in one lump sum), all quotes are for guaranteed level premiums for the life of the policy or for a shorter period if so specified.

a.  Term of years: You select a specific number of years to be covered, i.e., the 'term' of 10, or 15, or 20 years, etc. The insurance stops at the end of that number of years. There is no renewal at the same rate. It's over. However, depending on circumstances, you may want to buy life insurance once more.

If your health has changed so you do not qualify to buy Term Life again, it may be possible to continue the expiring policy with an annually increasing rate or to convert to a lifetime policy, namely, Universal Life. Your right to do that is specified in the policy.

Otherwise, you would have to requalify medically in a fresh application to buy another term. The rate will be higher because you will be that much older, in addition to the possibility of paying more because of new health conditions that developed during the term.

b.  To a specified age: You select the age, instead of the number of years, that you want the insurance to go to. The older the age, the more it costs. Up to age 75, some of these policies may be Term policies and some may be 'No Lapse' Universal Life. That means that they are structured internally in a different manner, but the net result is basically the same thing for the consumer.

In either case, at the attained age, the coverage ends completely, but the policy may offer a right of conversion to a permanent policy, which will of course, cost more than what you paid during the term. Any such rights will be specified in the policy.

c.  Lifetime: If you select 'To Age 121 Level', you have insurance for life instead of for a limited period. These are Universal Life policies for which there are a number of payment options. You can pay the same guaranteed level premium for life (No Lapse U/L), or pay for only a certain number of years, e.g., in one lump sum, or for 10 or 20 years, or to age 65 or age 100.

So you can choose a level premium like a level premium term policy, but there is a lifetime duration of coverage available. Ordinary Universal Life policies can also be for lifetime, but they do not have a level premium guarantee for life as these plans do.

d.  Get your money back:

(i)  'Return of Premium' (ROP) means that all premiums will be refunded to you provided you pay premiums for the entire term. If you terminate the policy before the end of the term, there may be a pro-rated refund.

(ii)  For all others, not designated ROP, there is never a refund of premiums paid.

• Combined results:

(i)  '10, 20, 30 Year Term' means that up to twelve each of 10, 20, and 30 year term quotes will be included in the same list. Listed first is 10 year term, then 20 year term, then 30 year term.

(ii)  For all others, the only entries in the list of quotes will be for the length of coverage that you select.

Questions?  1-800-722-9053   e-mail: help@insurancebrochure.com

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