When is 15 Year Term Life is Better than 10

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We know that shopping for life insurance can be a long and difficult process, and that’s why we are here to help. It’s our mission to ensure that you’re getting the best rates possible. 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, one of the most important decisions that you will have to make 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.

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. One of the best ways in which 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 ensure that your loved ones will be able to remain in their home – even if you’re not there to provide financial support.

Mortgage loans are one of the most common needs for a life insurance policy. If something tragic were to happen to you, 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. That’s where your life insurance coverage comes in.

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 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

There are several ways that you can get lower insurance rates from the company and keep more money in your pockets. Making a few simple lifestyle changes can save you thousands of dollars every year.

The first thing that you should do is cut out any tobacco that you currently use. If you smoke cigarettes or use chewing tobacco, then you should expect to pay drastically higher rates for your life insurance protection. In fact, smokers are going to pay at least twice as much for their coverage. With some companies, you’re going to pay as much as three times more for your plan. If you want to save money, quitting smoking is one of the best ways that you can do that.

Another way that you can save money is to improve your health. The results of your medical exam (unless you purchase a no exam plan) are going to play a major role in how much you pay. If you want to save money, a great way to do that is to focus on your health before you apply for coverage. The two best ways to do that are to hit the gym and stick to healthy exercise. Both of these can help you lose weight, lower your blood pressure, and much more. All of these are going to help you secure better rates from the insurance company.

The best way to guarantee that you’re getting the lowest rates possible is to compare dozens of plans possible before you decide which one is best for you.

Instead of wasting hours and hours to call companies to get quotes, let one of our independent agents do all of that hard work for you. Unlike traditional insurance agents, we are a group of independent brokers that represent dozens of highly rated companies across the nation. Our qualified agents can bring a personalized set of quotes directly to you. We will save you both time and money on your life insurance coverage.

Taking the Next Step

We know that nobody wants to think about anything tragic happening to them, and it can be confusing trying to decide which type of plan is going to be best for you. There are dozens of factors that you’ll need to compare before purchasing a plan. That’s why we are here to help. We can walk you through the process and ensure that you’re getting the best plan to protect your family.

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 fits best with your situation, financial goals, and budget.

You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the life insurance protection that your family deserves. If something tragic were to happen to you, and you didn’t have life insurance, your family would be stuck with all of your debts and other final expenses. Losing someone close to you is never going to be easy, but being responsible for thousands and thousands of dollars of debt is going to make the whole situation that much worse.

If you have any questions about 15-year life insurance or about the other options available to you, please contact one of our agents. We would love to answer those questions and ensure that you have the information that you need to buy the best possible life insurance policy.

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 888-552-6159. 

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Doug Mitchell

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