Life insurance {term life insurance} {term insurance}| can be for 5, 10, 15, 20, or 30 years. In ordinary-term life insurance, insurance premiums increase each year, as chance of death or disability increases. In long-term life insurance, premiums stay constant, at level between ordinary-term lowest and highest premiums, because payments average. In decreasing-term life insurance, premiums stay constant at low level, but payment to beneficiary decreases over the years.
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Date Modified: 2022.0224