What does it mean that life insurance has a level premium?


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What does it mean that life insurance has a level premium?

Many of us know the most used terms in insurance including what a premium is. Things change if we try to delve into this concept and name the different types of premium that exist. We are going to review them, but focusing our attention on a specific premium: the leveled premium. What defines this type of premium? Is it better for you if your policy has a level premium or not? ... Keep reading!
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What is a premium?

A life insurance premium is simply the agreed price to be paid monthly, quarterly, semi-annually or annually.; in exchange for the purchase of insurance and the provision of all services also agreed. The type of premium to be established in any life insurance will completely define the relationship between the client and the insurer.

In the life line there are different types of premiums: risk premium, savings premium, temporary, periodic, life premium, etc. Today we will talk specifically about the leveled premium.

What defines this type of premium?

Level premium insurance are those in which the amount of the premium is constant. In other words, the premium is not related to the age of the insured; therefore, the heap does not vary over time.

The leveled is a premium that is normally applied in life insurance and death insurance. It tends to have a higher initial cost than natural premium insurance; where the value of the insurance is calculated according to the age of the insured, among other parameters.

the level premium is equivalent to saying that the premium is not related to the age of the insured. If the premium were not leveled in this type of insurance, it would vary based on the age of the insured. Normally more expensive as the insured gets older, given that the older the person, the greater the risk.

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Level premium insurance is used in individual insurance to maintain a constant cost, higher, initially, than the cost of the normally calculated premium (not leveled) and that accumulates money (reserve) for when the value of the level premium is less than cost that the non-leveled premium should have.

In group insurance it is used to allow young people to finance the premiums of the elderly, while allowing the accumulation of reserves.

Is it better for you if your policy has a level premium?

Hiring life insurance is of the utmost importance, regardless of age… since its usefulness is beyond any doubt: to relieve your loved ones at an extremely delicate time from an emotional and future point of view.

The level premium is for you if you are one of those who have a long-term vision, because that is where this type of installment means greater savings.

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Decisions that change your life

If you are clear that your insurance is perfect for you, so that you do not plan to cancel it or change insurance, we recommend, without a doubt, the level premium.

Knowing how much a level premium life insurance costs is, in general, quite simple, since it is fixed, so you can anticipate this type of expense very easily and without surprises.

When you are clear that, in terms of matters, you are where you should be, having a level premium is highly recommended, as it is easier to assume its higher cost (compared to the natural premium) when full income is received.

One of the best decisions a person can make is to take out life insurance, well, let's face it, it is a time that unfortunately has to come (although we do not know when), and It is vitally important to have that source of tranquility.

If you visit our website (bmicos.com), you can take a look and know our wide product portfolio. At once, You will be able to contact us and we will be able to help you in an impartial way to choose the life insurance that best suits your personal circumstances., so that you can take the best choice.

At BMI we have great options and benefits that adapt to your needs, just make a personalized consultation Contact us!

Phone number: (305) 443- 2898, Email: bmi@bmicos.com, or through our digital platforms such as, Instagram: @bmicompanies /Facebook: BMI Companies / LinkedIn: BMI Companies

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