Knowing the difference between annual renewable term life insurance and level term life insurance can help consumers understand the differences in term life insurance. ART or annual renewable term insurance is the lowest costing life insurance but cost is only fixed one year at a time and follows a predetermined schedule provided by each life insurance company. The price also changes annually. In contrast, level term life insurance provides fixed premiums and fixed face amounts for the “term period” that you select: 10 year, 15 year, 20 year, or 30 year. Another important distinction is that term life insurance does not provide cash value savings
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