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Popularity of 10 Year Term Life Insurance
The most popular term life insurance plan is the 10 year product. Why is this? Simply stated, it is because the 10 year term allows you get the insurance you need, while remaining affordable and staying close to your budget.
Additionally, a 10 year life insurance policy covers a short enough time period that if you find anything you do not like about the coverage, you can choose not to renew your policy. While you re-evaluate your policy over the course of the term, your family will remain covered as long as the policy is kept current.
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Depending on your needs, however, the 10 year term life product may or may not be for you.
Is 10 Year Term Life Insurance Right for Me?
As the name implies, this plan provides a ceiling on the amount of time that rates are guaranteed to remain level. In other words, if the plan specifically states that rates are guaranteed for 10 years then, unless you cancel the insurance or you do not pay the premiums, your rates will be guaranteed for 10 years.
Note: Some 10 year term life insurance plans only give you a “projected” guarantee time period. With this type of policy, during the last five years, the insurance company may be allowed to raise your rates. This can pose an issue with these types of plans because rates may be raised beyond a level of financial comfort.
Candidates for 10 Year Term
This type of life insurance policy is ideal for retiring individuals who need an extra 10 years of coverage that is affordable while on a fixed income. Middle aged couples adding coverage to existing policies for 10 years are also excellent candidates.
10 year term life insurance is also a great fit for those seeking an SBA loan. Often the SBA lender will require the borrower to obtain an insurance policy prior to securing the loan. Because of its affordability, this product is a great choice.
Importance of the Convertibility of a 10 year term life insurance plan
What is convertibility and why does it matter? Convertibility allows you to exchange your term policy for a permanent plan without having to re-qualify medically.
Having the ability to convert to a permanent policy is a wonderful option to have in the event that circumstances in your life change such as failing health or even perhaps the personal feeling that coverage is needed for a longer period of time than you originally anticipated.
Are you ready to get started? Fill out our quote engine for your instant 10 year term life insurance quote online. It’s fast, easy and free!
Need to speak with an insurance professional? Call Select Your Term toll free now and allow us to help determine which policy is best for you. Ph: 1-888-SHP-TERM