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15 Year Term Life Insurance

15 year term life insurance

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

Table of Contents

This article is going to look at some of the advantages of a 15-year term life insurance policy and when you should consider purchasing one of these versus some of the other options.

When shopping for term life insurance, the biggest choice is how long your coverage length should be. This is because at the end of your duration – or “term” –

the life insurance policy will expire.

If you still need coverage at that time, you can either renew on a year to year basis or if you want to lock in a new 10 year or longer term, you will have to re-qualify at your then-current age and health condition.

Based on your older age alone, it is likely that your new premium will be quite a bit higher. And, should you have contracted any type of adverse health condition, it could be that you are also uninsurable and will not be able to continue having life insurance coverage at all.

Yet, there are actually many very good reasons to purchase term life insurance – starting with its affordable premium. In addition, this type of coverage can also be used as a great financial tool for covering very specific needs.

When 15 Year Term Life Insurance is Your Best Bet

There are several instances when a 15-year term life insurance policy will likely be your best bet. These scenarios can encompass those who are all different ages and are at differing stages of their lives. Just some of these include:

Extended Coverage Protection

Certainly, anyone who knows basic math is aware that 15 is more than 10.

While many individuals who are just starting out may initially purchase a 10 year term policy because it offers the lowest premium rate, for those who are young and in relatively good health, the truth is that the cost to move from 15 years of term coverage from 10 is really not that much.

woman holding paper cut out of family

In fact, in most cases, for just a few dollars more per year, you can literally add 50 percent more to your length of life insurance coverage. This means that your spouse, your kids, and any other important need in your life will be covered for five additional years for pennies on the dollars.

Mortgage Payoff

Many people consider term life insurance to be “temporary” life insurance coverage – and in many ways, it is. Term insurance can be used is as a way to pay off your mortgage in the event of death.

For those who are taking out a 15-year mortgage on a new home or those who may only have just 20 years or less before their home mortgage balance is paid off, term life insurance is a very inexpensive way to provide for your family – even if you’re not there to provide financial support.

Mortgage loans are one of the most common needs for a life insurance policy. Your family members are going to be responsible for your home and the mortgage payment that comes with it. For a grieving family, that can be a difficult bill to cover.

Coverage Through Retirement

Another area where a 15-year term life insurance policy may fit well is in providing coverage between one’s early 50s and the time they reach retirement. Those who are in their 50s may need extra life insurance protection to use as income replacement, just in case the unthinkable were to occur.

Typically, the last 15 years prior to retirement are important for earning and saving years.

Yet, if one were to pass away during this time, you could leave your spouse or partner without current income, as well as without the additional savings that were needed to get him or her through their retirement years.

A 15 year term life insurance policy could provide the ideal solution for additional proceeds in order to cover this potential need.

What If You Still Need Coverage at the End of the 15 Years?

If you get to the end of the 15-year term policy and your needs are such that you still need life insurance coverage, you may still have some options. There are many term life insurance policies that will allow you to convert over to a permanent life policy, provided that certain criteria are met.

Although the premiums on these plans are typically higher than for comparable coverage without it, working with an experienced agent can help you in determining which policies provide this particular option.

Getting Cheaper Life insurance

Life insurance should always be there if you need it, but it should be emptying your bank account until then. What good is an insurance plan if you can’t afford to keep it?

Every year we talk to clients who are worried about being able to pay the premiums. If you fall into this group, we have some advice on ways you can improve the way the insurance company sees your application.

To start, let’s slim down your waist. If you’ve been packing on the pounds, you might have been trying to lose them. Not only is the extra weight bad for your health, but it’s going to bog down your premiums. Weight is a key indicator of health.

Overweight is going to equal higher premiums.

The next advice we offer our clients is to be tobacco-free. Before you apply, wait at least one year and quit smoking. Puffing on your cigarettes makes good premiums go up in smoke. In fact, smoking is the worst thing you can do if you want cheap life insurance.

Just about every life insurance company is going to sell a 15-year term policy, but they aren’t the same. 15-year plans tend to be cheaper, but some companies are still going to charge you ridiculous rates.

You need to find one company who offers the lowest rates for your desired policy. We can help you find that target company. In fact, it’s the reason we create Best Life Quotes.

In our independent agency, we have contracts with over 30 companies, meaning we can help you compare 30 different companies all at once.

Taking the Next Step

When applying for term life insurance coverage, it is a good idea to work with an experienced insurance agent who has access to several insurers.

This will allow you to compare different insurance companies’ policies in order to determine which policy and premium fit best with your situation, financial goals, and budget.’

After reading this article, you might still have some questions. How do I know if I need a 15-year term or a 10-year term? How large should my policy be? These are all questions we can answer for you.

We can help you compare life insurance quotes among the top companies and apply for life insurance. You can use the quote form on this page to get instant quotes or call us at 800-712-8519.

Doug Mitchell, CLU

Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent close to 30 years in the life insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health. Some other notable items about Doug: Top of the Table Million Dollar Round Table member (MDRT). (MDRT is a global, independent association of the world’s leading life insurance advisors) | Premier Partner with Lincoln Financial and Cabinet Member | Served two years as President of the Auburn/Opelika Association of Financial Advisors | Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award | New York Life, Executive Council Member | Currently serves as President of Ogletree Financial, a life insurance General Agency. | Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

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