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.<\/p>\n
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.<\/p>\n
When 15 Year Term Life Insurance is Your Best Bet<\/h2>\n
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:<\/p>\n
Extended Coverage Protection<\/h3>\n
Certainly, anyone who knows basic math is aware that 15 is more than 10.<\/p>\n
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.<\/p>\n
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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.<\/p>\n
Mortgage Payoff<\/h3>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Coverage Through Retirement<\/h3>\n
Another area where a 15-year term life insurance policy may fit well is in providing coverage between one’s early 50s<\/a> 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.<\/p>\n Typically, the last 15 years prior to retirement<\/a> are important for earning and saving years.<\/p>\n 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.<\/p>\n A 15 year term life insurance policy could provide the ideal solution for additional proceeds in order to cover this potential need.<\/p>\n 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<\/a>, provided that certain criteria are met.<\/p>\n 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.<\/p>\n 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?<\/p>\n 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.<\/p>\n 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.<\/p>\n Overweight is going to equal higher premiums.<\/p>\nWhat If You Still Need Coverage at the End of the 15 Years?<\/h2>\n
Getting Cheaper Life insurance<\/h2>\n