Expecting changes in the next few years and looking to protect your family financially? A 10-year term life insurance policy can provide coverage when you need it most.
With a 10-year life insurance policy, you’ll make monthly payments to keep your policy active. If you die while the policy is still in effect, your beneficiaries will receive a lump sum of cash called a death benefit. This money is usually tax-free, and your family is free to use it to replace your income, pay down credit cards or other debts, cover day-to-day expenses, or pay for anything else they need.
Once your 10-year term ends, you have several options. You can:
Ten-year term life insurance is a type of term life insurance, which covers you for a set period of time. As the most affordable type of life insurance, term life insurance is a good fit for many people looking for financial protection while they raise a family, pay off a mortgage, or manage other financial responsibilities.
As the shortest term policy generally available, 10-year term life insurance will keep you covered for a decade. This type of policy is best if you’re looking to cover short-term financial obligations that will last 10 years or less, like paying off student loans. If you’re older and looking for coverage, a 10-year term life policy can provide protection during the last few years before your children are grown or while you finish paying off your mortgage.
If you think you’ll need coverage for longer than 10 years, though, you may want to consider buying a longer term policy now. Many young families need financial protection for decades, and your rates will be higher if you need to buy life insurance again when you’re older.
Since your coverage term is shorter than other types of term life insurance, your premiums, or payments, are typically lower than most other term life policies.
Maybe you need a life insurance policy to make sure your kids’ college expenses are covered, but you don’t think you’ll need it once they’re out of school. In situations like these, a 10-year term policy can provide protection exactly when you need it.
Want to end your coverage immediately after 10 years? No problem. Need to extend your term life insurance coverage or convert it to a permanent life policy? We can do that, too.
Ten-year term life insurance can be a great choice for temporary insurance needs. If you have a short-term mortgage or plan on retiring in the next 10 years, these policies might be a good fit for you. If you need to cover your family’s financial future over a longer period of time, talk to an insurance agent about longer-term life insurance or whole life insurance options.
After 10 years, you’ll no longer be covered under your current life insurance plan. If you don’t need life insurance anymore, you can simply let your coverage end. If you want to keep your coverage, you can renew your term life policy, typically with a higher monthly premium. You may also be able to convert it to whole life insurance that will last for the rest of your life, which also typically requires much higher premiums.
Not usually. If you get level term life insurance, your premiums will remain steady throughout your coverage. However, some types of term life insurance can cause your premiums to rise, like increasing term life insurance.
Usually, yes. This exam is free to you and includes your height, weight, and medical history. A licensed professional may also take blood and urine samples. Your medical exam results help your insurance company determine your term life insurance rates. While some no-exam policies are available for people who may not be able to qualify for life insurance otherwise, taking an exam is typically the best way to get the lowest rates.
At eFinancial, we work to make scheduling your medical exam convenient and fast. Get our tips for taking a medical exam here.
At eFinancial, our goal is to make buying life insurance as simple and affordable as possible. With term life policies from 20+ leading insurance companies, we take the time to get to know your needs so we can help you choose the best coverage. Let eFinancial give you peace of mind about your loved ones’ financial future.
Want to learn more about 10-year term life insurance? To get started, request your free, no-obligation online quote or call 800-957-9525 to talk with one of our agents.
