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âSmallâ term life policies are available with under $50,000 in coverage, but policy amounts can go into the millions. Term life is typically sold in lengths of five, 10, 15, 20, 25 and 30 years. âLevel premiumâ term life means youâre locking in a price for the length of the policy. Typically you will pay a monthly or annual premium to keep the insurance in force. âAnnual renewableâ term life is a one-year policy that renews every year for a higher price.
Terms of Payment. Some states require that insurance companies make the lump-sum payments within a time limit, in most cases 30 days. Your attorney will also be able to negotiate this deadline and will have a standard length of time written into his settlement agreement template. Fifteen or 30 days is the most common range of time for a lump-sum payment on a workers'-comp settlement.