Term Designs and Contract Options
Chapters in this video
What this video covers
- How ordinary term life provides a death benefit for a stated period and generally has no cash value
- How level, decreasing, annually renewable, and return-of-premium term differ in benefit patterns and premium features
- Why annually renewable term premiums generally rise at renewal based on attained age
- How renewal and conversion rights differ, and why neither requires new evidence of insurability within the contract’s limits
- Why conversion deadlines, renewal limits, and the converted policy’s pricing basis matter
- How to calculate a return-of-premium refund using the eligible premium base and the contract’s stated percentage
- Why comparing quotes means considering the full coverage period, not just the first-year premium
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This video's complete written lesson is free to read in the CertFuel app, no signup wall. The complete Life and Health course also includes adaptive practice questions and spaced-repetition flashcards, available in Free Beta.