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Once coverage is obtained, premium is set and can not be adjusted unless coverage is reduced.
The duration can be as short as one year and upwards of 40 years! Products are built to guarantee a fixed death benefit for a fixed length.
This feature covers Terminal, Critical, and Chronic Illness. Payment amounts are based on the severity and life expectancy.
Before the initial term length has been reached, the insured has the option to change or “convert” to a permanent product.
After the initial term length has been reached, the insured has the option to keep the coverage and pay the new adjusted rate every year.