Learn about the Most Expensive Type of Life Insurance

VIDEO DESCRIPTION

Learn about the most expensive type of life insurance in this video with Bob Ley from the AIG insurance company.

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VIDEO TRANSCRIPT

Bob: One type of coverage is term insurance. You are buying life insurance coverage that last for a set period of time provided you pay the periodic premium. Annual renewable terms purchased year by year, although you don’t have to re-qualify by showing evidence of good health each year. This is the least expensive type of life insurance initially. But rates increase every year. Level premium term has somewhat higher but fixed premiums for longer periods typically from 5 to 30 years or more. There is new type of term insurance available called return of premium term. With this plan, accumulative premiums paid on the policy during the level term period, 15, 20, 30 years, not including any substandard and rider charges, will be paid to you at the end of the level term period if the police is then enforced. The premium return is not taken to account any time value of money, beginning the 6th policy year. A portion of the cumulative premiums will be returned if you choose to surrender the policy. Electing this plan versus basic level term increases your periodic premium.

VIDEO SOURCE

http://www.contentdeity.com/video/155695317/Learn-about-the-Most-Expensive-Type-of-Life-Insurance.html

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