The insurance carrier has a different price it charges to insure you for every year you live. So say you’re 40 years old in good health and you apply for guaranteed term life insurance for $500,000. The true cost to insure you for that one year of life might be $12 per month. But next year you turn 41. You’re one year closer to dying, so it costs a bit more premium to insure you. At age 41, it might cost $13 per month. From age 40 to 49, your monthly premiums might increase on a schedule as illustrated.
The insurance carrier
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