Is a 15-year term life insurance policy right for you?

When deciding whether a 15-year term life insurance policy is right for you, consider some of these factors: cost, income, age, family makeup, current financial responsibilities and future plans. It can be a lot to think about on your own, but SelectQuote is here to help.

Why term life insurance?

When it comes to life insurance, everyone’s circumstances and concerns are different. At SelectQuote, we want to help you make sure you’re getting the best policy for your needs. As you consider all the options available, you first have to decide between term life or permanent life insurance.

Term life is often a popular option, as it’s the most affordable way to protect your family’s financial security. It gets its name from your option to choose the “term,” or length, and you only buy it for as long as you need it.

Permanent life insurance, on the other hand, is designed to last your entire life. When you buy it, you are permanently covered, regardless of how long you live. The coverage doesn’t expire as long as you keep paying your premiums.

Price aside, term life insurance has several benefits that makes it a popular choice. With variable term lengths and flexible payment options, it’s easy to design a plan that meets all your life insurance needs. A 15-year term life insurance policy is just one option—typically, the length of term options are 10, 15, 20, 25 or 30 years. Let us help you figure out if a 15-year term life insurance policy is a good choice for you.

Why should I buy a 15-year term life insurance policy?

Everyone has different needs when it comes to buying term life insurance. For some people, a 15-year term life insurance policy is the best fit, especially for those with slightly older children or who need additional financial security for the future. A family with very young children, however, may benefit more from a 20- or 30-year term.

In general, life insurance policies should last the length of your longest financial obligation. Many people who buy 15-year life insurance policies are in their 40s and 50s, with financial priorities often including:

  • Getting the kids through college
  • Paying off a mortgage
  • Focusing on reaching retirement age and lifestyle

If any of these are plans you have within the next 15 years, a 15-year term life insurance policy could be right for you.

With a 15-year term life insurance policy, the money will be there if you need it to help handle life’s expenses. You can rest assured your plans and future are secure, even with the loss of an income.

How much coverage do I need?

Life insurance policies come in all shapes and sizes because everyone has unique life insurance needs. With so many options and different types of coverage available, it’s important to make sure you find the right policy for you and your family.

Even if you feel confident a 15-year life insurance policy could be a good fit for you, the financial amount of the policy can still vary based on individual factors.

Learn more about the average 15-year term life insurance rates.

An easy place to start when considering how much coverage you need is by taking a financial inventory of your current situation and goals. Then, our term life insurance calculator can help you figure out what might be the right amount for your situation.

Let SelectQuote Do the Work

When it comes to shopping for life insurance, it’s important to compare coverage and rates. Similar plans often can be drastically different in cost from one carrier to another. At SelectQuote, we work with some of the most reputable insurance companies in the business and our first priority is helping you find the policy that meets your needs, goals and budget.

We do the shopping. You do the saving.