Casey wants to obtain life insurance at the lowest possible cost, but is leery of term insurance because she has heard the premiums tend to go up every few years. One way for her to avoid this concern would be to purchase multiyear level-premium insurance.

Question

Quizplus · Accepted Answer

Generally, term insurance is less expensive than whole life or universal life because it provides pure protection. A new form of term insurance, called multiyear level-premium insurance, guarantees the same premium for the life of the policy. Using this approach, many term insurance policies today offer fixed premiums for 20 years or more.

Casey Wants to Obtain Life Insurance at the Lowest Possible